Crude oil futures declined by ₹18, or 0.22 per cent, to trade at ₹8,286 per barrel on Friday. According to market analysts, the drop in prices was driven by participants offloaded their holdings amid weak demand in the spot market, combined with weak global trends.
Trading on the Multi Commodity Exchange (MCX) for September delivery crude oil futures recorded a business turnover of 3,477 lots. The downward movement in domestic futures mirrored broader international markets during the session.
In global markets, West Texas Intermediate (WTI) crude was trading lower by 0.58 per cent at $86.33 per barrel. Meanwhile, Brent crude registered a decline of 0.35 per cent, trading at $93.45 per barrel in New York.
The contraction in crude prices reflects prevailing market sentiment influenced by both international benchmarks and domestic spot market conditions, as tracked by market participants during Friday's trading session.
"Fluctuations in crude oil futures and global benchmarks directly impact operational costs across multiple industrial sectors, including logistics, manufacturing, and supply chain management. For businesses, particularly growing enterprises and startups operating in asset-heavy or transport-reliant domains, monitoring commodity price trends is crucial for effective cash flow management, budgeting, and mitigating macro-level financial risks." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
