Crude Oil Prices Plummet on Weak Global Trends and Spot Market Demand

Crude oil futures prices fell sharply on Wednesday due to weak global trends and declining demand in the spot market.

The price of crude oil futures for October delivery slipped by Rs 82, or 0.95 per cent, to Rs 8,561 per barrel on the Multi Commodity Exchange, with a business turnover of 5,406 lots.

Analysts attributed the decline in prices to participants offloading their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate (WTI) crude was trading 1.09 per cent lower at USD 89.53 per barrel, while Brent crude declined 0.56 per cent to USD 98.69 per barrel in New York.