Crude Oil Futures Drop on Weak Global Demand

Crude oil futures dropped on Tuesday, driven by weak global trends and lower demand in the spot market. On the Multi Commodity Exchange (MCX), October delivery contracts for crude oil fell by Rs 114, or 1.32%, to Rs 8,555 per barrel. The decline came amid reduced demand and investors offloading their holdings.

Globally, the downward trend extended to key benchmarks. West Texas Intermediate (WTI) crude prices slipped 1.10% to USD 88.45 per barrel, while Brent crude declined 0.83% to USD 99.49 per barrel in New York trading.

The fall in crude oil futures was attributed to weak global cues, which influenced market sentiment. Analysts noted that participants reduced their positions due to sluggish demand in the spot market.