Crude oil futures dip on muted domestic demand

New Delhi: Crude oil futures Wednesday eased by Rs 58 to Rs 3,889 per barrel as speculators reduced their exposure despite a firm trend overseas.

On the Multi Commodity Exchange, crude for delivery in July contracts was trading lower by Rs 58, or 1.47 per cent, at Rs 3,889 per barrel in a business turnover of 21,389 lots.

The oil for delivery in August contracts also fell by Rs 53, or 1.33 per cent, to Rs 3,918 a barrel in 695 lots.

However, West Texas Intermediate (WTI) crude was trading up by 0.21 per cent to USD 56.37, while Brent crude, the international benchmark, was up 0.11 per cent to USD 62.47 per barrel in New York.