Crude Oil Futures Plummet Amid Global Weakness

Crude oil futures took a hit on Thursday due to weak global cues. On the Multi Commodity Exchange, crude oil futures for September delivery slipped by Rs 126 or 1.6 per cent to Rs 7,771 per barrel in a business turnover of 7,020 lots.

The decline was attributed to weak demand in the spot market and participants offloading their holdings. Globally, West Texas Intermediate (WTI) crude fell 1.33% to USD 81.14 per barrel while Brent crude declined 1.17% to USD 86.81 per barrel in New York.

The fall in oil prices is likely due to weak global trends and reduced demand in the spot market, analysts said. The Multi Commodity Exchange saw a business turnover of 7,020 lots for September delivery.