Crude oil prices fell by Rs 24, or 0.67 per cent, to Rs 3,542 per barrel in futures market today, as traders reduced their positions on the back of a weakening global trend.
Trading sentiment remained weak as oil prices continued to fall in Asian trade today, as worries persisted over demand in the US, the world's biggest energy-consumer.
At the Multi Commodity Exchange, crude oil for July contract fell by Rs 24, or 0.67 per cent, to Rs 3,542 per barrel, with an open interest of 19,907 lots.
Similarly, the oil for delivery in August contract declined by Rs 21, or 0.58 per cent, to Rs 3,583 per barrel, with a business volume of 2,011 lots.
Analysts said traders reduced their positions after a weakening trend in global markets, led to a fall in crude oil prices at futures trade.
Meanwhile, New York's main contract crude for August delivery tumbled 19 cents to $76.16 a barrel.
