MCX Crude Oil Prices Drop Amid Weak Global Cues

Crude oil prices on the Multi Commodity Exchange (MCX) fell nearly 1% to Rs 7,915 per barrel in futures trade on August 29, following weak trends in international markets.

The September delivery contract slipped by Rs 49, or 0.99%, while the October contract traded lower by Rs 56, or 0.71%, at Rs 7,797 per barrel.

Analysts pointed to reports of a possible US role in Venezuela's oil industry as weighing on crude prices, with market participants assessing the possibility of higher output from the South American producer.