1 week ago
Crude Oil Prices Slip Amid Weak Global Demand Trends
Oil prices went down on Monday.
In India, crude oil futures fell by Rs 167 per barrel.
The price reached Rs 8,192 per barrel.
Futures for delivery in September dropped by 0.2%.
Analysts said demand in the spot market was weak.
Some traders also sold the oil contracts they were holding.
In the global market, West Texas Intermediate oil fell to $85.50 per barrel.
Brent crude declined to $93.08 per barrel in New York.
These figures show that oil prices weakened in both Indian and global trading.
Indian crude oil futures fell Rs 167 to Rs 8,192 per barrel on Monday.
September-delivery crude futures declined 0.2% in trading involving 8,897 lots.
Analysts attributed the decline to weak spot-market demand and participants selling holdings.
West Texas Intermediate crude was trading 1.79% lower at $85.50 per barrel.
Brent crude fell 1.39% to $93.08 per barrel in New York.
- Who
- Crude oil traders, market participants and analysts.
- What
- Crude oil futures and global benchmark prices declined.
- Where
- Indian futures trading and the global market, including New York.
- When
- Monday; the report cites September-delivery futures.
- Why
- Weak global trends, weak spot-market demand and participants selling their holdings.
Key facts
- Indian crude futures
- Rs 8,192 per barrel after falling Rs 167.
- September futures
- Down 0.2% in 8,897 lots.
- West Texas Intermediate
- Down 1.79% at $85.50 per barrel.
- Brent crude
- Down 1.39% at $93.08 per barrel.
- Reported drivers
- Weak spot-market demand and participants offloading holdings.
Sources
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