Crude oil prices dropped by Rs 26, or 0.70 per cent, to Rs 3,688 per barrel in futures trade today after traders reduced their positions on the back of a weakening global trend.
Trading sentiment turned bearish after oil extended losses in the Asian trade, as disappointing economic data tempered optimism that China's move to a more flexible yuan would lift energy demand.
At the Multi Commodity Exchange, the crude oil for September contract dropped by Rs 26, or 0.70 per cent, to Rs 3,688 per barrel, with an open interest of 273 lots.
Similarly, the oil for delivery in July contract lost Rs 16, or 0.44 per cent, to Rs 3,597 per barrel, with a business volume of 17,442 lots.
Market analysts said fresh selling by traders in tandem with a weakening global trend led to a fall in crude oil prices at futures trade.
Meanwhile, New York's main contract crude for delivery in August, shed 28 cents to $77.57 a barrel.
