Crude oil fell by 0.35 per cent to Rs 4,902 per barrel in futures trade today as speculators cut down their bets amid weak trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in August declined by Rs 17, or 0.35 per cent, to Rs 4,902 per barrel in a business turnover of 134 lots.
Likewise, crude for delivery in July contracts shed Rs 9, or 0.18 per cent, to Rs 5,030 per barrel in 3,082 lots.
Analysts said, trading sentiment turned weak after oil prices dipped in a nervous market ahead of a raft of import tariffs expected to be imposed later in the day by the world’s two biggest economies, the United States and China.
Globally, West Texas Intermediate (WTI) crude oil was down by 15 cents, or 0.20 per cent, to USD 72.79 barrel, while Brent,too, shed 25 cents, or 0.30 per cent, to USD 77.14 per barrel, on the New York Mercantile Exchange.