Crude oil prices dip, with key support levels indicating potential recovery or bearish trends; caution advised for traders.

Brent crude futures were down $1.29, or 1.42%, at $89.45 a barrel. U.S. West Texas Intermediate (WTI) crude slipped 56 cents, or 0.66%, to $83.90 a barrel.

Crude futures were down around midday Thursday following the previous session's sharp rally as traders continued to monitor developments in the Middle East.

On the Multi Commodity Exchange (MCX), crude futures for August delivery depreciated ₹226, or 2.81%, to ₹7,811 per barrel