Crude Oil Prices Plummet on MCX Amid Weak Global Trends

Crude oil prices on the Multi Commodity Exchange (MCX) took a hit on Friday, plummeting to Rs 9,590 per barrel after a decline of Rs 168. This drop was accompanied by weak global trends, with Brent and West Texas Intermediate crude trading lower in New York.

The October delivery futures contract for crude oil slid by 1.72% due to market participants offloading their holdings amid weak spot demand. The business turnover on the MCX was a significant 4,478 lots.

Globally, West Texas Intermediate crude was trading at USD 100.15 per barrel, a 1.73% decline from its previous level, while Brent crude had dipped to USD 102.85 per barrel in New York, representing an 1.88% decrease.