Good Bargain Buying Lifts MCX Crude Oil Above Rs 8000 Per Barrel

10 May 2022 , 02:26 PM

WTI crude futures are trying to stabilize today after a brutal drop that took them to a one and half week low near $101 per barrel. Prices fell sharply, sliding around 7% amid resurfacing concerns about weakening global demand and slowing economic activity, particularly from top consumer China due to tightening lockdowns. However, some bargain buying was visible today in the counter and WTI futures are currently trading at $103.52 per barrel, up 0.51% on the day. Overall undertone is supportive from a medium term perspective given the ongoing war between Russia and Ukraine. Leaders from the Group of Seven developed democracies pledged Sunday to phase out or ban the import of Russian oil, adding to concerns. Saudi Arabia, worlds top oil exporter, lowered crude prices for Asia and Europe for June on Sunday. This will keep demand for oil from other regions elevated. MCX Crude oil futures moved up above Rs 8000 per barrel and currently trade at Rs 8045 per barrel, up 0.83% on the day. The counter had opened near Rs 7800 per barrel mark and has moved up by around Rs 250 per barrel in intraday trades. Powered by Commodity Insights