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Crude oil prices lower on demand concerns; WTI trades below $69 a barrel

The momentum indicator Relative Strength Index (RSI) is at 48.15, which indicates sideways movement in the prices.

Mumbai / September 06, 2021 / 04:41 PM IST

Crude oil prices declined on demand concern due to rising coronavirus cases, slow growth in China and Saudi Arabia slashing prices for Asia. Crude prices remained unchanged last week on the MCX. 

The energy commodity recouped earlier losses to trade in red after a gap-down start, tracking muted overseas cues.

On the MCX, crude oil delivery for September dropped Rs 27, or 0.53 percent, to Rs 5,035 per barrel at 16:20 hours IST with a business turnover of 4,502 lots. The delivery for October decreased Rs 31, or 0.61 percent to Rs 5,035 per barrel with a business volume of 550 lots.

The value of September and October’s contracts traded so far is Rs 557.49 crore and Rs 21.92 crore, respectively.