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Crude oil down on poor global trend

Crude oil prices fell by Rs 29 or 0.86 per cent to Rs 3,335 per barrel in futures trade today, as traders reduced their positions on the back of a weakening global trend.

business Updated: Jun 07, 2010 18:19 IST

Crude oil prices fell by Rs 29 or 0.86 per cent to Rs 3,335 per barrel in futures trade today, as traders reduced their positions on the back of a weakening global trend.

Trading sentiment turned bearish after crude oil dropped in global markets on concerns that the government debt crisis in Europe will widen and after the US added fewer jobs than forecast last month, slowing a recovery in fuel demand.

At the Multi Commodity Exchange, crude oil for June contract fell by Rs 29, or 0.86 per cent to Rs 3,335 per barrel, with an open interest of 18,307 lots. Similarly, the oil for delivery in July contract declined by Rs 22, or 0.64 per cent to Rs 3,412 per barrel, with a business turnover of 3,495 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, crude oil for July delivery fell USD 2 to USD 69.51 a barrel on the New York Mercantile Exchange.