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Crude oil prices decline on fuel demand worries; WTI trades below $68 a barrel

Crude oil prices are expected to trade sideways to up for the day with resistance at $69 and support at $65 per barrel.

Mumbai / August 26, 2021 / 05:25 PM IST

Crude oil prices fell on August 26 on fuel demand concerns due to the rapid spread of the Delta variant of coronavirus across the globe. However, the crude downside was capped due to a sharp drawdown in US inventories and partial restoration of Mexican production after a fatal offshore platform fire.

The energy commodity traded in the red after a gap-down start, tracking tepid global cues.

On the MCX, crude oil delivery for September tumbled Rs 24, or 0.47 percent, to Rs 5,033 per barrel at 16:53 hours IST with a business turnover of 5,604 lots. The delivery for October dropped Rs 22, or 0.44 percent to Rs 5,035 per barrel with a business volume of 225 lots.

The value of September and October’s contracts traded so far is Rs 753.11 crore and Rs 10.52 crore, respectively.