Crude oil prices moved down by Rs 20 to Rs 4,960 per barrel in futures trade today as speculators reduced their positions in tandem with a weakening global trend.
Trading sentiments turned bearish as oil declined for the fourth day in New York, the longest losing streak in eight weeks, as a drop in gasoline demand added to signs of slowing growth in the US, the world's biggest crude consumer.
Meanwhile, crude for June delivery lost 81 cents to $108.43 a barrel on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for July delivery contract fell by Rs 20, or 0.40% to Rs 4,960 per barrel, with a business turnover of 39 lots.
Similarly, the oil for delivery in May lost Rs 16, or 0.33% to Rs 4,859 per barrel, with an open interest of two lots.
Market analysts said speculators reduced their positions on the back of a weakening global trend, which led to the fall in crude oil futures prices.