Crude oil futures plunged over 2 percent as Energy Information Administration data showed an increase in US crude stockpiles, broad sell-off in commodities and equities market and rising coronavirus cases in Asia denting demand. The reports of significant progress made on US-Iran nuclear talks also weighed on the price.
On the MCX, crude oil delivery for June slumped Rs 96, or 2.06 percent, to Rs 4,573 per barrel at 16:14 hours IST with a business turnover of 7,482 lots. While delivery for July slipped Rs 96, or 2.05 percent to Rs 4,591 per barrel with a business volume of 4,591 lots.
The value of June and July’s contracts traded so far is Rs 1,514.08 crore and Rs 14.80 crore, respectively.
West Texas Intermediate (WTI) crude was down 1.77 percent to $62.22 per barrel, while Brent crude, the London-based international benchmark slides 2 percent to $65.34 per barrel.
Brent crude has fallen 6.75 percent or $4.74 from the highs of $70.24 it touched on Wednesday. [Read more]