Crude oil futures soften 0.78% on global cues

Crude oil prices dipped 0.78 per cent to Rs 4,300 per barrel on Friday amid weakness in global markets.

Globally, crude prices had dropped by 0.78 per cent in the previous session amid ongoing weakness in global markets and concerns on slowing oil demand growth.

Prices mellowed on concerns that an economic slowdown could dent fuel consumption and caution on the progress of US, China trade talks, traders noted.

At the Multi Commodity Exchange, crude for delivery in April contracts declined by Rs 34, or 0.78 per cent, to Rs 4,300 per barrel in a business turnover of 22,965 lots.

Meanwhile, the West Texas Intermediate (WTI) crude futures ended lower by 0.03 per cent to USD 62.08 per barrel, while Brent crude, the international benchmark, fell 0.30 per cent to USD 69.19 per barrel.