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.

The rupee skidded by 11 paise to close at 71.24 against US dollar as rising oil-prices and strengthening greenback weighed on market sentiment. At the Interbank forex-market, the domestic unit opened strong at 71.06 and rose to 70.91. However, it could not hold on to the gains and fell to a low of 71.29 before finally ending at 71.24 a fall of 13 paise.

Crude settled down in New York on Monday after climbing earlier as American sanctions against OPEC's No. 3 producer formally kicked in. The Trump administration granted waivers to China and seven other major buyers so they can continue buying some Iranian crude. Meanwhile, expanding domestic inventories dampened worries about tightening global supplies.