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Commodities

Crude Oil Prices Slide on Weak Global Cues and Low Demand

Guavy AI Editorial Team
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Oil
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Crude oil prices plummeted in futures trade on Friday amid weak global cues. On the Multi Commodity Exchange (MCX), crude oil futures for September delivery slipped by ₹18, or 0.22%, to ₹8,286 per barrel.

This decline comes as participants offloaded their holdings due to weak demand in the spot market. Analysts pointed out that globally, West Texas Intermediate crude was trading 0.58% lower at $86.33 per barrel, while Brent crude declined 0.35% to $93.45 per barrel in New York.

Market observers noted that the prices fell after participants offloaded their holdings amid weak demand in the spot market.

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