Crude Oil Prices Tumble Amid Global Economic Uncertainty

Crude oil prices took a hit on Friday, falling by nearly 1% to Rs 8,565 per barrel in futures trade on the Multi Commodity Exchange (MCX). The decline was tracked by a weak trend in international markets. On MCX, crude oil futures for September delivery slipped Rs 78 or almost 1% to Rs 8,565 per barrel.

The October contract also saw a drop of Rs 43, or 0.51%, to Rs 8,312 per barrel on the MCX. Analysts attributed the decline to investors booking profits following recent gains and uncertainty over demand and the global economic outlook weighing on sentiment.

Globally, Brent oil futures for November delivery slipped 0.39% to USD 95.15 per barrel on the Intercontinental Exchange. West Texas Intermediate crude for the October contract traded 0.47% lower at USD 90.87 a barrel on the New York Mercantile Exchange.