Commodities
Weak Global Trends Send Crude Oil Futures Plummeting
Crude oil futures declined on Wednesday due to weak global trends and reduced demand in the spot market. The price dropped by Rs 82 to Rs 8,561 per barrel on the Multi Commodity Exchange (MCE). Analysts attributed this fall to participants offloading their holdings amid weak demand.
Globally, West Texas Intermediate (WTI) crude was trading lower at USD 89.53 per barrel, while Brent crude declined to USD 98.69 per barrel in New York. The decline in global prices contributed to the drop in Indian crude oil futures.