Crude oil prices fell by Rs 34 or 0.98 per cent to Rs 3,430 per barrel in futures trading today, as traders reduced their positions on a weakening global trend.
Trading sentiment turned bearish after crude oil fell for the second day in New York on renewed concerns over growth prospects after China, the world’s second-largest energy consumer, showed signs its expansion may moderate.
At the Multi Commodity Exchange counter, crude oil for June contract fell Rs 34, or 0.98 per cent to Rs 3,430 per barrel, with an open interest of 17,986 lots.
Similarly, the oil for delivery in July contract declined by Rs 28, or 0.79 per cent to Rs 3,498 per barrel, with a business volume of 3,197 lots.
Marketmen said fresh offloading by traders and reports of weakening trend in overseas market pulled down crude oil prices at futures trade.
Meanwhile, crude oil for July delivery fell 95 cents to $73.02 a barrel on the New York Mercantile Exchange.