MCX Crude Falls Around Rs 200 Per Barrel In Intraday Moves

16 Mar 2022 , 05:30 PM

A sharp selloff was seen in MCX Crude oil futures today as global prices failed to hold onto their gains in Asia. The WTI Crude oil futures have tanked under $100 per barrel on heavy correction in last few days. Oil prices have declined around 30% after hitting 14 year highs. The latest slide seemed to be linked to a sharp spike in COVID-19 cases in China. The commodity also responded to the mild optimism surrounding the Russia-Ukraine peace dialogue. WTI Crude is currently trading down 0.48% at $96 per barrel- hovering around its two week low. MCX Crude oil futures are trading at Rs 7334 per barrel, down 0.64% on the day. The counter tumbled more than Rs 200 per barrel in intraday moves.

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