Demand for fuel is waning along with the investors confidence over the strength of US economy.
Though crude is falling globally but Brent is still trading above $100 as investors still have hope that Federal Reserve may announce third round of Quantitative Easing in its next meet which is going to happen on September 20 – 21.
At the Multi Commodity Exchange, crude for delivery in September opened at Rs 3,967 per bbl and touched an intraday low of Rs 3,904 per bbl. It was trading between Rs 3,920 – Rs 3,921 per bbl around 2:06 pm IST.
Similarly, crude for delivery in far-month February opened at Rs 4,100 per bbl and was trading in the range of Rs 4,080 – Rs 4,085 per bbl same time.
The macroeconomic concerns and fear of demand slowdown through worsening sentiment continues to haunt the market and crude may fall further if situation doesn't improve.