MCX crude oil August contract declined around 8 percent but further fall was resisted on account of Rupee depreciation. Crude Oil prices declined more than 9 percent on the Nymex last week mainly on the back of rising concerns over demand as global economic growth is expected to take a hit.
Prices declined sharply on Friday as markets remained choppy with the S&P downgrade which further deteriorated the outlook for the US economy.
Last week oil touched a low of $82.87/bbl and ended the week at $86.88/bbl.
Prices declined sharply on Friday as markets remained choppy with the S&P downgrade which further deteriorated the outlook for the US economy.
Last week oil touched a low of $82.87/bbl and ended the week at $86.88/bbl.
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