Crude oil slips 0.32% on negative global cues

Crude oil futures slipped by 0.32 per cent to Rs 4,920 per barrel in futures trading today largely in tandem with a weak trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in July fell by Rs 16, or 0.32 per cent to Rs 4,920 per barrel in business turnover of 77 lots.

Likewise, the oil for delivery in June shed Rs 13, or 0.26 per cent to Rs 4,916 per barrel in 3,487 lots.

Analysts said the fall in crude oil futures was mostly in tune with a weak trend in the global markets where oil prices edged lower with the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.

Meanwhile, West Texas Intermediate was down 28 cents, or 0.39 per cent at USD 71.92 a barrel, while global benchmark Brent was down 51 cents, or 0.64 per cent at USD 79.06 a barrel.