Crude oil futures prices fell by Rs 27 to Rs 4,417 a barrel on Tuesday as speculators reduced their positions, influenced by weakening global trends.
At the Multi Commodity Exchange, crude oil for March contract fell by Rs 27, or 0.61 per cent, to Rs 4,417 a barrel, with business volume of 44 lots.
Similarly, the oil for delivery in April declined by Rs 22, or 0.49 per cent, to Rs 4,514 per barrel, with a trade turnover of 17 lots.
Market analysts said speculators offloading on the back of weakening global trend mainly pulled down crude oil futures prices.
Meanwhile, New York’s benchmark West Texas Intermediate contract for April delivery fell by 5 cents to $96.92.