Crude oil prices dipped by 0.44 per cent to Rs 4,937 per barrel in futures market today as speculators cut bets amid weak global cues.
At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 22, or 0.44 per cent to Rs 4,937 per barrel in business turnover of 700 lots.
Similarly, the oil for delivery in October shed Rs 19, or 0.38 per cent to Rs 4,930 per barrel in a single lot.
Analysts said said off-loading of positions by traders in line with a weak trend overseas amid rising supply from OPEC and the United States, influenced crude oil prices at futures trade.
Globally, brent shed 24 cents, or 0.31 per cent, to USD 77.40 a barrel while West Texas Intermediate (WTI) crude oil was down 15 cents, or 0.21 per cent to USD 69.62 a barrel, on the New York Mercantile Exchange.
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