Oil Prices Plummet Nearly 1% Amid Weak Global Cues

Crude oil prices fell nearly 1% to ₹7,915 per barrel on Friday due to weak trends in international markets.

The Multi Commodity Exchange (MCX) saw crude futures for September delivery drop by ₹49, or approximately 1%, while the October contract traded lower by ₹56, or 0.71%

Analysts pointed out that reports of a possible US role in Venezuela's oil industry weighed on crude prices, as market participants assessed the possibility of higher output from the South American producer.