Brent Crude Slumps Amid Weak Global Trends

Crude oil prices took a hit yesterday as global trends weighed on demand. Futures trade saw Brent crude slip to $105.60 per barrel in New York, while West Texas Intermediate crude fell 1.75% to $92.95 per barrel. The decline was attributed to participants offloading their holdings due to weak spot market demand.

The futures contract for October delivery of crude oil dropped by Rs 233 or 2.54% to Rs 8,934 per barrel in a business turnover of 8,781 lots. Analysts pointed out that the prices fell as traders adjusted their positions following weak global trends.