Crude oil prices fall on global cues

August contract declines by 0.3%

Crude oil futures prices today fell by Rs 18 to 5,016 per barrel as speculators offloaded their positions on the back of a weak global trend.

At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 18, or 0.36%, to Rs 5,016 per barrel, with a business volume of 1,460 lots.

The August contract declined by Rs 16, or 0.32%, to Rs 4977 per barrel in 25,647 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend, which kept pressure on crude oil futures.

Meanwhile, crude oil fell 65 cents to $87.85 a barrel on the New York Mercantile Exchange.