Energy Preview: MCX Crude Slides More Than 1%

Energy Preview: MCX Crude Slides More Than 1%

Oct 22, 2021 08:10 IST capital market

WTI Crude oil futures saw continued selling pressure above $83 per barrel as markets focused on the US economic trends for near term. The Conference Board Leading Economic Index (LEI)for the US increased by 0.2% in September to 117.5 (2016 = 100), following a 0.8% increase in August and a 0.9% increase in July. The US. LEI rose again in September, though at a slower rate, suggesting the economy remains on a more moderate growth trajectory compared to the first half of the year, according to the Conference Board. The Delta variant, rising inflation fears, and supply chain disruptions are all creating headwinds for the US economy. Heavy selling in Chinese thermal coal futures which have slumped after hitting record high on Tuesday also weighed on broad energy complex. WTI Crude dipped more than 1% while Natural Gas tumbled by a similar magnitude as well. MCX Crude oil ended lower by 1.17% at Rs 6146 per barrel.

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