Crude oil prices fell even further as worries that an economic slowdown in China would lead to a fall in demand, saw investors selling in the futures market.
Brent Crude was down over 2.6 percent, to $32.66 per barrel and U.S. West Texas Intermediate (WTI) crude was down about 2.3 percent to $32.38.
Investors were betting on a further fall in Brent crude prices with some analysts foreseeing a price of around $30 per barrel. This is largely as the market is already over supplied with crude and fresh arrivals from Iran may add to further downward pressure.
Shares in Indian exploration companies dropped sharply with ONGC and Cairn India among the big losers. ONGC was down 2 per cent, while Cairn India was down 2.6 per cent as well.
Oil marketing companies in India, which stand to gain when crude prices fall, were mostly up with BPCL and HPCL among the major gainers.
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