Hot Commodities: Oil Flips Back In Volatile Trades

4 Jul 2022 , 02:51 PM

Crude oil futures failed to sustain at elevated levels and saw heavy selling pressure as Chinese Covid-19 cases came back to haunt the market. The commodity pulled back from high of $109 per barrel and currently trades $107 per barrel, down around half a percent on the day. European equities moved lower in early moves. Media reports stated that China has placed 1.7 million people under lockdown in central Anhui province, where authorities reported nearly 300 new cases Monday. Two counties in the province — Sixian and Lingbi — announced lockdowns last week. The MCX Crude oil futures moved lower in tune with global cues and fell from around Rs 8600 per barrel and currently trade at Rs 8485 per barrel, down 1.40% on the day. Powered by Commodity Insights