Continuing its slide, crude oil prices fell by another 5.53% in futures trade today as speculators engaged in reducing their commitments, tracking a weakening global trend after the US long-term sovereign debt rating downgrade.
At the Multi Commodity Exchange, crude oil for delivery in August fell sharply by Rs 205, or 5.53%, to Rs 3,574 per barrel, with a turnover of 16,137 lots.
The oil for delivery in September also lost Rs 203, or 5.31%, to Rs 3,621 per barrel, with a turnover of 1,969 lots.
October crude lost Rs 228, or 5.38%, to Rs 3,640 a barrel, clocking a turnover of 182 lots.
Market analysts said continued off-loading of positions by speculators after crude prices went into free fall following the US credit rating downgrade from AAA to AA+ by Standard and Poor's.
Meanwhile, New York's main contract crude for September delivery fell by $4.72, or 5.80%, to $76.59 a barrel in Asian region.