Crude oil prices slide amid weak global demand

Crude oil prices experienced a decline in futures trading, driven by weak global demand. The price of crude oil futures for October delivery dropped Rs 114, or 1.32%, to Rs 8,555 per barrel. This downward trend occurred amid a business turnover of 9,452 lots, as traders liquidated their positions in response to sluggish demand in the spot market.

On the global front, West Texas Intermediate (WTI) crude oil saw a 1.10% decrease, trading at $88.45 per barrel. Similarly, Brent crude oil prices fell 0.83% to $99.49 per barrel in New York. Analysts attributed the decline to a combination of weak global trends and reduced buying interest in the spot market.