Crude Oil Futures Plunge Amid Weak Global Trends
Crude oil futures fell sharply on Thursday due to weak global trends and reduced demand in the spot market. The decline was reflected in the Multi Commodity Exchange, where crude oil futures for September delivery dropped by Rs 126, or 1.6%, to Rs 7,771 per barrel. This marked a significant fall from previous levels, with Brent crude declining 1.17% and West Texas Intermediate (WTI) crude falling 1.33% globally. Analysts attributed the price drop to participants offloading their holdings in response to weak demand.
The global crude oil market saw WTI crude fall to USD 81.14 per barrel, while Brent crude declined to USD 86.81 per barrel in New York. This downward trend affected the Multi Commodity Exchange, where business turnover was 7,020 lots for the September delivery of crude oil futures.