Crude oil futures fell 0.53 per cent to Rs 4,323 per barrel on May 7 after participants reduced exposure, in tandem with a weak trend in overseas markets.
On the Multi Commodity Exchange, crude oil for delivery in May contracts shed Rs 23, or 0.53 percent, to trade at Rs 4,323 per barrel with a business volume of 18,106 lots.
Globally, the oil prices remained spiralling low after US President Donald Trump Sunday announced to sharply raise tariffs on Chinese goods, raising fresh fears of an escalation of trade war between the world's two largest economies.
The oil for delivery in the June contracts was also trading lower by 0.55 percent, or Rs 24, at Rs 4,345 per barrel with a business volume of 1,090 lots.
Meanwhile, West Texas Intermediate crude oil was down 0.02 per cent to USD 62.24, while Brent fell 0.32 per cent to trade at USD 71.01 a barrel.
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