NEW DELHI: The crude oil prices dip sharply by 1.77 per cent to Rs 4,563 per barrel in today's futures trade as speculators reduced their positions tracking a weak trend in the Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in July shed Rs 82 or 1.77 per cent to Rs 4,563 per barrel having a business volume of 9,249 lots.
In the similar fashion, the oil for August delivery slipped Rs 80 or 1.71 per cent to Rs 4,609 per barrel in a turnover of 677 lots.
Market analysts attributed the fall in crude oil futures prices to a weakening trend in Asian trade after an unexpected rise in US inventories, which jumped to the highest level in 22 years.
Meanwhile, crude oil for delivery in July was down 89 cents to trade at an almost eight-month low of $80.56 a barrel on the New York Mercantile Exchange.