MCX Crude Oil Prices Dip Slightly by Rs 7 per Barrel
Crude oil futures witnessed a slight decline on Tuesday, falling by Rs 7 to reach Rs 6,089 per barrel in futures trading on the Multi Commodity Exchange (MCX). The decrease amounted to a modest 0.11%, reflecting cautious market sentiment among traders.
According to market analysts, the decline in oil prices can be attributed primarily to participants trimming their positions amid sluggish demand conditions internationally. Weak global cues continue to influence market behavior significantly, prompting traders to reduce exposure in crude oil holdings.
International Market Scenario: WTI and Brent Oil Trade Lower
On the global stage, crude oil benchmarks also experienced marginal declines. West Texas Intermediate (WTI) crude oil dipped by 0.21%, settling at USD 71.33 per barrel. Similarly, Brent Crude traded at USD 74.63 per barrel in New York, marking a reduction of 0.19%.
The subdued performance of international crude prices underscores ongoing concerns regarding weak demand trends globally, directly impacting traders' sentiment and market positioning domestically.
Market experts anticipate continued volatility in oil prices, given persistent uncertainties in global demand patterns.
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