Brent Crude Tumbles Amid Weak Global Trends

The price of Brent crude oil has fallen to $88.51 per barrel in New York's market, down by just 0.01% from previous levels. This decline comes as part of a weak global trend, with West Texas Intermediate crude trading 0.52% lower at $81.97 per barrel. The futures trade for the September delivery saw a marginal fall of Rs3 to Rs7,807 per barrel on Monday.

Analysts point out that participants have been offloading their holdings due to weak demand in the spot market, contributing to the price drop. This move has led to a 0.04% slip in crude oil futures for the September delivery in 804 lots.