Crude Oil Futures Plunge Amid Weak Demand, Auto News, ET Auto


Globally, West Texas Intermediate crude was trading down 0.76% to $ 74.46 per barrel.

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.

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Demand jumped on the back of economic growth and a cold winter in the northern hemisphere followed by a hot summer, while supplies were hampered by production problems. Recent power cuts and blackouts in China due to coal shortages have only exacerbated competition between Asia and Europe for securing energy sources.

Likewise, the sixth eight-day price increase pushed diesel prices above Rs 100 in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana. .

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Steve R. Hansen

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