Crude oil futures plunge due to weak spot demand

 After participants reduced their positions, crude oil prices fell to Rs 40 per barrel on Tuesday.

The Multi Commodity Exchange reported that crude oil prices for August delivery fell by Rs 409 or 0.8 percent to Rs 4,966 a barrel, with a business volume at 4,643 lots.

Analysts believe that the decline in crude oil futures was mainly due to traders trimming positions amid weak spot demand.

Globally, West Texas Intermediate crude oils were 0.65% lower at USD66.85/barrel

Brent crude oil, an international benchmark, dropped 0.59 percent to trade in New York at USD 69.10 a barrel.

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