Crude oil futures slumped in the domestic market on Friday as investors and speculators booked profits in the energy commodity tracking weak cues from the overseas market as the rejection of a proposal by UK lawmakers for a military strike against Syria eased fears of fuel supply disruption from the Middle East.

UK Prime Minister David Cameron’s vote to take military action against Syria following the country’s government’s alleged use of chemical weapons against civilians was defeated by the House of Commons, dimming the prospects of an imminent strike.

The International Energy Agency (IEA) said that the global crude oil market remains adequately supplied and there was little need for releasing emergency stockpiles despite ongoing Middle East worries.

Better than expected US Q2 GDP data and a fall in jobless claims numbers, boosted the case for the US Federal Reserve to start tapering QE in the near-term, dimming the demand outlook for the fuel.

At the MCX, Crude Oil futures, for the September 2013 contract, is trading at Rs 7,256 per barrel, down by 2.70 per cent, after opening at Rs 7,351, against a previous close of Rs 7,457. It touched an intra-day low of Rs 7,225. (At 10:47 AM).