Crude oil prices dropped by Rs 205 to Rs 4,590 per barrel in futures trading today as speculators offloaded their positions on the back of a weakening global trend.
Trading sentiments turned weak as crude oil declined in New York after the International Energy Agency trimmed its 2011 global oil demand forecast as this year's price rally begins to weigh on consumption.
At the Multi Commodity Exchange, crude oil for delivery in far-month October contract dropped by Rs 205, or 4.28%, to Rs 4,590 per barrel in single lot.
Likewise, the oil for delivery in May fell by Rs 139, or 3.12%, to Rs 4,312 per barrel in 27 lots.
Market analysts said heavy selling by speculators in line with weakening trend in global markets mainly led to sharp fall in crude oil futures prices.
Meanwhile, crude oil on the New York Mercantile Exchange fell $1.53 to $96.68 a barrel.