Hot Commodities: Crude Stays In Winning Mode, MCX Futures Approach Rs 8300 Per Barrel

2 Mar 2022 , 01:01 PM

WTI Crude oil futures moved up near a fresh eight year high of $110 per barrel as markets turned cautious about the overall supply balance given that Russia continued its aggressive attack on Ukraine. With international sanctions tightening the Russian economy, there is a possibility that Russia may turn to capping its global energy supplies at least partially. The worldwide supply of oil was already failing to keep up with a rise in demand even before the current crisis. Russia is the worlds second largest oil producer, and if the country intentionally holds back supply, the oil market could boil even further. The WTI Crude has managed to roar above $100 per barrel mark quite easily and currently trades up 6% at $109.78 per barrel. MCX Crude oil futures are up 5% at Rs 8293 per barrel right now.

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