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Commodities

Crude Oil Futures Decline on Weak Global Demand

Guavy AI Editorial Team
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Oil
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Crude oil futures in India experienced a notable decline on Monday, driven by weak global trends and subdued demand in the spot market. Prices for October delivery on the Multi Commodity Exchange fell by Rs 256, or 2.87%, to settle at Rs 8,660 per barrel. Trading volume was recorded at 12,220 lots.

Analysts attributed the drop to traders reducing their positions amid lower demand. This trend was mirrored globally, with West Texas Intermediate (WTI) crude oil prices decreasing by 1.43% to USD 89.81 per barrel, while Brent crude oil prices fell by 0.82% to USD 101.41 per barrel in New York.

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