Crude Oil Cascades Lower, MCX Futures Tank More Than 1%

11 Jul 2022 , 12:09 PM

MCX Crude oil fell in early moves today, sliding more than 1% as global cues turned feeble amid a mostly weak undertone in Asian equities. The commodity dropped amid reports that China is seeing fresh surge in Covid and that too with a new sub variant. The key commercial hub of Shanghai has discovered a COVID-19 case involving a new subvariant Omicron BA.5.2.1, according to media reports. This and a firm US dollar index, which hovers around two decade high of 107, kept a tab on sentiments and the WTI Crude tanked 1.50% on the day to trade at $103.27 per barrel. MCX Crude oil also lost on the same cues and is currently trading down 1.27% to Rs 8208 per barrel. Powered by Commodity Insights