Crude oil futures decline on global cues

Crude oil prices dropped by Rs 34 to Rs 3,820 per barrel in futures trade today as speculators reducing their positions on the back of weak global cues.

At the Multi Commodity Exchange, crude oil for November contract fell by Rs 34, or 0.88 per cent to Rs 3,820 per barrel with a business turnover of 78 lots.

Similarly, the oil for delivery in December contract lost Rs 34, or 0.87 per cent to Rs 3,872 per barrel with a business volume of 18 lots.  

Market analysts said speculators reducing their positions in tandem with a weak global trend mainly led to the fall in crude oil prices in the futures trade.

Meanwhile, New York's main contract, crude for December delivery, fell 50 cents to $84.36 a barrel.