Crude oil futures dip on weak Asian cues
New Delhi: Crude oil futures price on Friday dipped 2.40 percent to Rs 7,278 per barrel, as speculators trimmed positions at prevailing levels amid a weakening trend in the Asian trade as fears eased of an imminent Western military strike against Syria.
At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 179, or 2.40 percent, to Rs 7,278 per barrel in 4,470 lots.
In a likewise manner, oil for the month of October moved down by Rs 169, or 2.26 percent, to Rs 7,295 per barrel in 468 lots.
The trading sentiment eased at futures trade as crude oil prices fell in Asian trade after fears eased of an imminent Western military strike against Syria for its alleged use of chemical weapons, analysts said.
Anticipation of a Western operation against Syria had driven the WTI contract to its highest level since May 2011 this week.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery was down by USD 1.41 at USD 107.39 a barrel on the New York Mercantile Exchange in morning trade today.