Crude oil slips 0.02 pc on subdued domestic cues

Crude oil prices Tuesday fell 0.02 per cent to Rs 4,311 per barrel as speculators indulged in reducing holdings despite a steady trend overseas.

In futures trading on the Multi Commodity Exchange, crude for delivery in May contracted fell by Re 1, or 0.02 per cent, to Rs 4,311 per barrel in a business volume of 18728 lots.

Analysts said continuous off-loading of holdings by participants in line with a weakening trend in domestic markets, mainly weighed on crude oil prices at futures trade here.

The oil for delivery in June contracts also lost Rs 17, or 0.39 per cent, to Rs 4,323 per barrel in 2,189 lots.

The prices in the global markets, however, rose after supply assurance from Saudi Arabia amid US-Iran tensions, say analysts.

The West Texas Intermediate (WTI) crude was trading up 0.08 per cent to USD 61.09, while Brent crude, the international benchmark, rose 0.24 per cent to USD 70.40 a barrel on the New York Mercantile Exchange.