Crude Oil Prices Plummet on Global Economic Uncertainty

Crude oil futures declined nearly 1% to Rs 8,565 per barrel on the Multi Commodity Exchange (MCX) due to weak global trends and profit booking. The Brent oil futures for November delivery slipped 0.39% to USD 95.15 per barrel on the Intercontinental Exchange.

West Texas Intermediate crude traded 0.47% lower at USD 90.87 a barrel on the New York Mercantile Exchange, indicating a decline in demand and economic uncertainty.

Analysts attributed the price drop to profit booking by investors following recent gains and concerns over global economic outlook. The October contract also fell by Rs 43, or 0.51%, to Rs 8,312 per barrel on the MCX.