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Crude oil futures prices dipped 2.4 per cent to Rs 7,278 per barrel today, as speculators trimmed positions at prevailing levels amid a weakening trend in the Asian trade as fears eased of an imminent Western military strike against Syria.
On the Multi Commodity Exchange, crude oil for delivery in September fell Rs 179 or 2.4 per cent to Rs 7,278 per barrel in 4,470 lots. Similarly, crude oil for October delivery moved down by Rs 169 or 2.26 per cent to Rs 7,295 per barrel in 468 lots.
Trading sentiment eased at the futures trade as crude oil prices fell in Asian trade after fears eased of an imminent Western military strike against Syria for its alleged use of chemical weapons, analysts said.
Anticipation of a Western operation against Syria had driven the WTI contract to its highest level since May 2011 this week.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery was down by $1.41 at $107.39 a barrel on the New York Mercantile Exchange in the morning trade today.
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