Crude Oil Futures Plummet Amid Global Weakness
Crude oil futures dropped to Rs 8,192 per barrel on Monday amid weak global trends and low spot market demand. The decline was observed in both Brent and West Texas Intermediate (WTI) crude.
The Multi Commodity Exchange reported that the September delivery of crude oil futures slipped by Rs 167 or 0.2% to Rs 8,192 per barrel. This was despite a business turnover of 8,897 lots.
Analysts attributed the prices falling after participants offloaded their holdings amid weak demand in the spot market. The global trends also played a significant role in this decline as West Texas Intermediate crude was trading 1.79% lower at USD 85.50 per barrel and Brent crude declined 1.39% to USD 93.08 per barrel.
The prices of WTI and Brent crude were affected by the weak global trends, which led to a decrease in demand for oil. The spot market also witnessed low demand due to which participants sold their holdings.