Crude Oil Futures Plunge Amid Weak Demand, Auto News, ET Auto
New Delhi: Crude oil prices fell from Rs 43 to Rs 5,528 a barrel on Friday after participants cut positions. On the Multi Commodity Exchange, crude oil for October delivery fell by Rs 43, or 0.77%, to Rs 5,528 per barrel with a business volume of 10,920 lots.
Analysts said the decline in crude oil futures was mainly due to the reduction in traders’ positions amid weak spot demand.
Globally, West Texas Intermediate crude was trading down 0.76% to $ 74.46 per barrel.
Meanwhile, Brent crude, the international benchmark, fell 0.60% to trade at $ 77.84 per barrel in New York.