Energy Preview: Crude Slides From Nine Month High

Energy Preview: Crude Slides From Nine Month High

Nov 27, 2020 03:11 IST capital market

WTI Crude oil futures fell from near nine month high on profit selling. US equities were shut for Thanksgiving Day and European markets ended on flat note. Overall trend remained choppy as US Covid-19 cases continued to soar. Oil had soared after the owners of the Greek company Agrari tanker said that it was attacked by an unknown source at Saudi Arabias Red Sea port of Shuqaiq. The WTI Crude oil futures closed down 1.50% at $45 per barrel, down 1% on the day. MCX Crude oil futures closed at Rs 3336 per barrel, down 1.88% on the day after testing a low of Rs 3300 per barrel. Oil could see further losses from hereon as failure to hold onto rallies and weak demand owing to a lax holiday season could weigh.

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