Crude futures fell below $114 per barrel

Crude futures fell below $114 per barrel in New York Monday afternoon, with the September contract down $1.66 at $113.60. Prices haven't traded this low since early May. Oil had climbed as high as $116.90 on Globex with the military conflict between Georgia and Russia raising concerns over a disruption in energy supplies. But concern over contracting demand, the result of a slowing global economy, has motivated sellers.

MCX Crude oil dropped to a fresh low of 4745, and closed at 4765 with a net loss of Rs. 74 per barrel, intraday high registered at 4919.