Now Reading: Crude oil futures drop Rs 138 on weak global cues
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Crude oil futures drop Rs 138 on weak global cues
Crude oil prices fell by Rs 138 to Rs 9,085 per barrel in futures trade on the Multi Commodity Exchange on Monday, September 21, amid weak global trends. The October contract slipped…
Crude oil prices fell by Rs 138 to Rs 9,085 per barrel in futures trade on the Multi Commodity Exchange on Monday, September 21, amid weak global trends. The October contract slipped 1.5 per cent with a business turnover of 7,063 lots, PTI reports.
Globally, West Texas Intermediate crude traded 1.69 per cent lower at USD 98.60 per barrel, while Brent crude declined 1.59 per cent to USD 102.22 per barrel in New York. Analysts attributed the fall to participants offloading holdings due to weak spot market demand.
Times Now reports Brent crude fell further on Tuesday to a two-week low near USD 98 a barrel, marking a fifth consecutive session of decline. The outlet said the drop followed reports of a possible US-Iran diplomatic opening and Saudi Arabia restarting its East-West Pipeline, easing supply fears.
Indian Opinion Analysis
All three sources report the same price data from MCX futures, but Times Now adds a geopolitical angle not found in the PTI copy: the US-Iran opening and Saudi pipeline restart as drivers of the extended slide. The PTI reports frame the fall as routine market response to weak demand, while Times Now emphasises supply-side relief. The combined reading suggests the initial dip was demand-driven, but the subsequent multi-session rout was amplified by geopolitical supply signals. Watch whether Brent holds above USD 98, a level tested on Tuesday.
Coverage: 3 sources, 3 neutral
Sources (3): siasat.com (neutral report), thehindubusinessline.com (neutral report), timesnownews.com (neutral report)
This brief was synthesised by AI from the 3 sources linked above, so one read covers every framing they carry.
Updated: this story now draws on 3 sources.
