Crude oil futures on Tuesday fell 0.03 per cent to Rs 3,902 per barrel after participants tightened their bets tracking a muted trend in domestic markets. On the Multi Commodity Exchange, crude oil for delivery in August contracts was trading lower by Re 1, or 0.03 per cent, to Rs 3,902 per barrel with a business turnover of 36,836 lots.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. U.S. West Texas Intermediate(WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Gold prices were steady on Tuesday, trading near five-week lows touched in the previous session, as a firmer dollar and optimism over a likely U.S.-China trade deal dented safe-haven appeal of the precious metal. Spot gold was up 0.2 percent to $1,288.46 per ounce as of 0552 GMT, after slipping to $1,282.50 in the previous session, its lowest since Jan. 25.