Crude oil futures experienced a significant decline in Monday's trading session, with October delivery contracts falling by ₹138, or 1.5 per cent, to ₹9,085 per barrel on the Multi Commodity Exchange. According to reports from ETEnergyworld, the trading session recorded a business turnover of 7,063 lots during the session. As per The Hindu BusinessLine, traders actively trimmed their positions amid the prevailing market conditions.
International crude oil markets mirrored the domestic decline, with West Texas Intermediate crude trading 1.69 per cent lower at $98.60 per barrel in New York markets. As reported by ETEnergyworld, Brent crude declined 1.59 per cent to $102.22 per barrel during the same trading session. The global weakness provided additional downward pressure on domestic futures prices, with both benchmark crude oils showing similar bearish trends.
According to analysts cited in the report, the price decline was attributed to participants offloading their holdings amid weak demand in the spot market. As per ETEnergyworld, traders actively trimmed their positions amid soft spot demand conditions. The selling pressure from market participants contributed to the overall bearish sentiment that drove crude oil futures lower during Monday's trading session, reflecting broader market concerns about demand fundamentals.
