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Commodities

Crude Oil Futures Plummet Amid Weak Global Trends

Guavy AI Editorial Team
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Oil
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Crude oil futures experienced a decline in price on Monday amid weak global trends and reduced demand in the spot market. On the Multi Commodity Exchange, crude oil futures for August delivery slipped by ₹419, or 4.87 per cent, to ₹8,185 per barrel.

The business turnover was 10,482 lots. Analysts attributed the price drop to participants offloading their holdings due to weak demand in the spot market.

Globally, West Texas Intermediate crude traded 5.20 per cent lower at $84.67 per barrel, while Brent crude declined 4.98 per cent to USD 91.96 per barrel in New York.

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