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Commodities

Crude oil futures slide on weak global trends and low demand

Guavy AI Editorial Team
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Oil
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Crude oil futures experienced a significant decline on Monday, dropping by Rs 256 to settle at Rs 8,660 per barrel. This fall was primarily driven by weak global trends and reduced demand in the spot market.

On the Multi Commodity Exchange, futures contracts for October delivery saw a 2.87% decrease, with a business turnover of 12,220 lots. Analysts noted that traders reduced their holdings due to the sluggish demand.

Globally, the West Texas Intermediate (WTI) crude oil price fell by 1.43% to USD 89.81 per barrel, while Brent crude decreased by 0.82% to USD 101.41 per barrel in New York.

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