Crude oil prices dipped 1.67 per cent to Rs 3,703 per barrel Tuesday amid weakness in global markets.
Internationally, crude prices dropped by 3 per cent in the previous session amid ongoing weakness in global markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.
At the Multi Commodity Exchange, crude for delivery in December declined by Rs 63, or 1.67 per cent, to Rs 3,703 per barrel in a business turnover of 22,965 lots.
Meanwhile, West Texas Intermediate (WTI) crude futures ended lower by 3.1 per cent at USD 51 per barrel, while Brent crude, the international benchmark, fell 2.7 per cent to USD 59.99 per barrel.
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