Crude oil prices slipped by 0.38 per cent to Rs 4,782 per barrel in futures trading today as speculators cut down bets amid weak global cues.
At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 18, or 0.38 per cent to Rs 4,782 per barrel in a business turnover of 3,336 lots.
Similarly, crude for delivery in September was trading lower by Rs 8, or 0.17 per cent to Rs 4,728 per barrel in 44 lots.
Analysts said sentiment dampened as oil prices edged down in global markets after three days of gains, but were still supported by Saudi Arabia’s halt on transporting crude through a key shipping lane, falling US inventories and easing trade tensions between Washington and Europe.
Globally, West Texas Intermediate (WTI) crude oil was down 2 cents, or 0.03 per cent to USD 69.59 a barrel, while Brent shed 5 cents, or 0.07 per cent, to USD 74.49 a barrel on the New York Mercantile Exchange.
