Oil Prices Tumble Amid Weak Global Trends

Crude oil futures fell on Friday due to weak global trends and reduced demand. The decline was reflected in the Multi Commodity Exchange, where crude oil futures for September delivery slipped by Rs 58 or 0.60 per cent, to Rs 9,664 per barrel. Analysts attributed the price drop to participants offloading their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate (WTI) crude and Brent crude also experienced price drops. WTI crude was trading 1.14 per cent lower at USD 101.31 per barrel, while Brent crude declined 1.44 per cent to USD 106.08 per barrel in New York.