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Crude oil futures fell Rs 26 to Rs 3,698 per barrel today as speculators reduced their positions amid a weak trend overseas. Profit-booking at existing levels too weighed on crude prices.
At the Multi Commodity Exchange, crude oil for delivery in December was trading lower by Rs 26 or 0.70 per cent at Rs 3,698 per barrel in 1,601 lots. The oil for delivery in far-month January also fell by a similar margin to trade at Rs 3712 per barrel in 57 lots.
Analysts said a weak trend in global markets, where oil prices dropped, mainly led to a fall in crude prices at the futures trade.
Meanwhile, West Texas Intermediate (WTI) crude lost 0.42 per cent to $57.38, while Brent crude, the European benchmark, fell 0.38 per cent to $62.62 a barrel at the New York Mercantile Exchange.
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