Crude oil price fell by Rs 52 to Rs 7,162 per barrel in the futures trade amid easing geopolitical strains in West Asia that reduced fears of immediate supply disruptions.
On the Multi Commodity Exchange, crude oil futures for the August delivery slipped by Rs 52, or 0.72 per cent, to Rs 7,162 per barrel in a business turnover of 10,700 lots.
Analysts said the prices fell after participants offloaded their holdings as signs of an easing geopolitical backdrop outweighed concerns over global crude supplies.
Globally, West Texas Intermediate crude was trading 0.94 per cent lower at $75.06 per barrel, while Brent crude declined 0.71 per cent to $78.80 per barrel in New York.
