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Crude oil futures fell Rs 54 to Rs 4,782 per barrel as speculators cut down their bets owing to a weak global trend.
At the Multi Commodity Exchange, crude oil for delivery in August was trading lower by Rs 54 or 1.12 per cent at Rs 4,782 per barrel in 88 lots. Similarly, crude for delivery in July fell Rs 47 or 0.96 per cent to Rs 4,837 per barrel in a business volume of 1,175 lots.
Analysts said trading sentiment remained weak as oil prices slipped as concerns about supply disruptions eased and Libyan ports reopened while traders eyed potential supply increases by Russia and other oil producers.
Globally, West Texas Intermediate crude oil was down 54 cents, or 0.77 per cent, at $69.41 barrel, while Brent too shed 49 cents, or 0.65 per cent, to $74.84 a barrel on the New York Mercantile Exchange.
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