Crude oil prices dipped by Rs 36 to Rs 3,472 per barrel in futures trading today on emergence of heavy selling, driven by a steep fall in prices in overseas markets.
The trading sentiment turned bearish after crude oil fell below 70 dollar a barrel in New York following the seizure of a Spanish bank, which fueled concerns that Europe’s debt crisis may spread.
At the Multi Commodity Exchange, crude oil for far-month September tumbled by Rs 36, or 1.03 per cent, to Rs 3,472 per barrel, with an open interest of 256 lots.
Similarly, oil for delivery in June contract fell by Rs 16, or 0.48 per cent, to Rs 3,283 per barrel with a business turnover of 25,966 lots.
Marketmen said the emergence of heavy selling by traders in line with the weakening global trend mainly pulled down crude oil prices in futures trade.
Meanwhile, crude oil fell by $1.08, or 1.5 per cent, to $69.13 a barrel on the New York Mercantile Exchange.
