Oil drops to 3-month low as waning demand in US, China outweigh supply cuts; Brent crashes to $79/bbl
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a November 17 expiry, was last trading lower by 2.81 per cent at ₹6,324 per bbl, having swung between ₹6,306 and ₹6,481 per bbl
Oil prices declined more than $1 on Wednesday, November 8, to their lowest in more than three months on concern over waning demand in major oil consumers - United States and China. The US Energy Information Administration (EIA) said earlier this week that crude production in the US will rise by slightly less than previously expected but demand will fall.
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