WTI Crude oil futures tanked today, pulling back from seven year highs in afternoon trades. The US and UK leaders have said not all hope is lost for a diplomatic solution to the Ukraine crisis. Joe Biden and Boris Johnson agreed a deal was still possible despite warnings of imminent Russian military action. Russia also said some troops are starting to return to their permanent base. This led to a sustained drop and oil fell around 5% yesterday, falling under $90 per barrel in intraday trades before witnessing a bounce as US equities spiked. The commodity is managing to hold around $92 per barrel right now. Oil market was driven by strong demand supply dynamics even before the Ukraine crisis and a sustained drop in global Covid-19 infections continues to work well for the prices. MCX Crude lost 3.11% to end at Rs 6887 per barrel in last session and should edge up in early moves today.
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