Crude Oil Futures Decline Amid Global Market Weakness
Crude oil futures fall amid West Asia uncertainties
News 18
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On May 5, crude oil futures in India fell by ₹143 to ₹9,914 per barrel due to weak global trends and reduced demand in the spot market. Internationally, West Texas Intermediate and Brent Crude also experienced declines, trading at approximately $104.42 and $113.18 per barrel, respectively.
- 01Crude oil futures in India dropped by ₹143 to ₹9,914 per barrel.
- 02The decline is attributed to weak demand in the spot market.
- 03Globally, West Texas Intermediate crude fell by 1.88%.
- 04Brent Crude decreased by 1.10% in New York.
- 05Trading volume for Indian futures was 18,277 lots.
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On May 5, crude oil prices in India fell by ₹143, settling at ₹9,914 per barrel in futures trading. This decline, representing a 1.42% drop, occurred amid weak global market trends and diminished demand in the spot market. The Multi Commodity Exchange reported a trading volume of 18,277 lots for May delivery. Internationally, West Texas Intermediate crude oil was down 1.88%, trading at approximately $104.42 per barrel, while Brent Crude fell by 1.10%, reaching about $113.18 per barrel in New York. Analysts indicate that the price drop reflects market participants offloading their holdings in response to the current demand situation.
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The decline in crude oil prices could lead to lower fuel costs for consumers in India, potentially easing inflationary pressures.
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