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Crude oil futures prices dipped 2.93 per cent to Rs 7,034 per barrel today, as speculators trimmed their positions at the prevailing levels amid a weak trend in the Asian trade.
On the Multi Commodity Exchange, crude oil for delivery in September fell Rs 212 or 2.93 per cent to Rs 7,034 per barrel in 5,843 lots. Likewise, the oil for October delivery moved down by Rs 202 or 2.78 per cent to Rs 7,267 per barrel in 436 lots.
Trading sentiment eased at the futures trade, as crude oil prices fell in Asian trade after US President Barack Obama’s announcement that he would seek approval from lawmakers for military action against Syria eased the prospects of an imminent strike, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery was down $1.47 at $106.18 a barrel on the New York Mercantile Exchange in the mid-morning trade.
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