Oil prices dip to Rs 4,116 per barrel over weak demand

Crude oil prices dipped 0.39 per cent to Rs 4,116 per barrel in futures trade Tuesday as speculators tightened their bets in tandem with a mixed trend overseas. On the Multi Commodity Exchange, crude for delivery in May contracts was trading down by Rs 16, or 0.39 per cent, to Rs 4,116 per barrel in a business turnover of 15,311 lots.

Oil prices remained mixed in international markets. The commodity received some cushion on the Opec-led producers' club announcing supply cut, and sanctions on fuel exports from Iran and Venezuela. But the sentiments were dented on the concerns of US economic slowdown. West Texas Intermediate crude prices were trading up 0.53 per cent to USD 58.94, while Brent dipped 0.33 per cent at USD 69.88 a barrel in New York.