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Crude oil futures slipped 0.39 per cent to Rs 4,070 per barrel due to cutting down of positions by participants owing to a weak trend overseas.
Crude oil for delivery in January was trading lower by Rs 16 or 0.39 per cent at Rs 4,070 per barrel with a business volume of 2,958 lots at the Multi Commodity Exchange (MCX). Also, oil prices for delivery in February moved down Rs 15 or 0.37 per cent to Rs 4,075 per barrel in a business volume of 424 lots.
Analysts said the fall in prices is mostly in line with a weak trend overseas as expectations of falling US stockpiles were overshadowed by worries that Russia is considering ending its role in an output freeze with OPEC.
Meanwhile, US benchmark West Texas Intermediate fell 0.11 per cent to $63.66, while Brent was down 0.17 per cent at $69.03 a barrel.
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