Commodities
Crude Oil Prices Plummet on Weak Global Trends and Demand
Crude oil futures plummeted by Rs 120 to Rs 7,837 per barrel on Tuesday due to weak global trends and demand. The Multi Commodity Exchange saw crude oil futures for August delivery drop by 1.51% in a business turnover of 4,507 lots.
The prices fell after participants offloaded their holdings amid weak demand in the spot market, according to analysts. Globally, West Texas Intermediate (WTI) crude was trading 1.19% lower at USD 81.63 per barrel, while Brent crude declined by 1.27% to USD 87.24 per barrel in New York.