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Crude oil prices fell 1.3 per cent to Rs 3,713 per barrel at the futures trade today as speculators reduced their holdings amid fears that demand would shrink on account of a slowdown in the global economy.
At the Multi Commodity Exchange, crude oil for delivery in August fell Rs 49 or 1.3 per cent to Rs 3,713 per barrel with a business volume of 3,252 lots. Similarly, September contract lost Rs 49 or 1.21 per cent to Rs 3,767 per barrel with a turnover of 2,198 lots.
Market analysts said a weakening trend in the global market on fears that a slowdown of the global economy will undermine crude demand has put pressure on prices at the futures trade here.
Meanwhile, New York’s main contract crude for September delivery fell $1.11 to $81.27 a barrel in the Asian region today.
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