Crude Oil Prices Dip on Weak Global Demand
Crude oil futures saw a notable decline on Tuesday, with prices on the Multi Commodity Exchange (MCX) dropping by Rs 114 to Rs 8,555 per barrel for October delivery. The drop was driven by weak global trends and reduced demand in the spot market, prompting traders to offload their holdings.
The fall in crude oil prices was mirrored globally, with West Texas Intermediate (WTI) crude trading 1.10% lower at USD 88.45 per barrel, and Brent crude falling 0.83% to USD 99.49 per barrel in New York. Analysts attributed the decline to a combination of weak global cues and lower demand.
The trading volume for crude oil futures on the MCX was reported at 9,452 lots, reflecting the market's reaction to the downward trend. The price drop highlights the sensitivity of crude oil prices to global economic conditions and demand fluctuations.