Crude oil prices dropped by Rs 38, or 1.03 per cent, to Rs 3,644 per barrel in futures trade today, as speculators reduced their positions on the back of a weakening global trend.
Trading sentiment turned bearish after oil prices sank in Asian trade, as traders booked profits from yesterday's rally spurred by a better-than-expected fall in US crude stock piles.
At the Multi Commodity Exchange, crude oil for September fell by Rs 38, or 1.03 per cent, to Rs 3,644 per barrel, with an open interest of 788 lots.
Similarly, the oil for delivery in July lost Rs 35, or 0.97 per cent, to Rs 3,589 per barrel, with an open interest of 24,361 lots.
Market analysts said fresh off-loading by speculators and reports of weakening trend in global markets mainly pulled down crude oil prices at futures trade.
Meanwhile, New York's main contract for crude for delivery in August, dropped 14 cents to $76.90 a barrel.
