New Delhi: Crude oil futures on Tuesday fell by ₹41 to ₹5,657 per barrel as participants trimmed positions in line with weak demand in the spot market.
On the Multi-Commodity Exchange, crude oil for September delivery declined by ₹41, or 0.72 per cent, to ₹5,657 per barrel in 11,931 lots.
Globally, West Texas Intermediate crude oil was trading 0.80 per cent lower at USD 64.28 per barrel, while Brent Crude fell 0.68 per cent to USD 68.33 a barrel in New York.
“WTI crude oil prices slipped to around USD 64.50 during in the Asian trading session on Tuesday amid concerns that the US may impose secondary sanctions on countries purchasing Russian oil, which could tighten global supply.
“Additionally, expectations of a potential interest rate cut by the US Federal Reserve at the upcoming FOMC policy meeting in September are supporting crude prices, as lower rates may stimulate economic growth and increase energy demand,” Mohammad Imran, Research analyst at Mirae Asset ShareKhan, said. PTI
