Sharp Losses Seen In Oil As Market Eyes OPEC, MCX Futures Down More Than 3%

2 Jun 2022 , 05:05 PM

WTI Crude oil futures slipped sharply as major oil producers led by Saudi Arabia and Russia hold talks Thursday on whether to adjust output. The commodity has been falling after a recent spike to around three month high and positive equities have not had much of an impact on the prices. The counter currently trades at $112 per barrel, down 2.80% on the day. MCX Crude oil futures are also down 3.25% at Rs 8720 per barrel. Meanwhile, Asian shares saw mixed movement amid lack of major economic cues. European indices edged up with decent gains in German and French stocks. Dow Jones Industrial Average fell by 0.5% to 32,813.23, the S&P 500 declined by 0.8% to 4,101.23 and the Nasdaq Composite was 0.7% lower at 11,994.46 despite all of the indexes opening the session in the green.Powered by Commodity Insights