The decline in crude oil has increased. MCX crude oil price dropped Rs 3,000 in domestic market. The International market WTI crude last 4 month and Brent crude oil have come to the 6-month low. Iran increase supplied guess the pressure on prices. Indeed Iran is waiting just recessive economic ban. The Rupee strongly against dollars has crude oil price decline in the domestic market.
Decreased demand for crude oil as well as in China, while China is the second largest consumer of crude oil in the world . In last month, crude has falls 15 per cent. The record levels in July, OPEC's crude production that has also dominated the weakness.
Epic Research expert says Crude oil prices dropped as global oversupply and cheap oil are still dominating the broader market.
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