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Commodities

Crude Oil Prices Plummet Amid Weak Global Trends

Guavy AI Editorial Team
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Oil
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Crude oil prices took a hit today, falling by Rs 132 to Rs 7,705 per barrel in the futures trade. The decline was attributed to weak global trends and participants offloading their holdings amid low demand in the spot market.

The West Texas Intermediate crude price dropped 2.17% to $80.57 per barrel, while Brent crude declined 2.10% to $86.72 per barrel in New York's markets.

Analysts pointed out that the prices fell after participants unloaded their holdings amid weak demand in the spot market. The futures trade saw a significant drop of 1.68% in 5,216 lots for September delivery.

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