WTI Crude Dips Around 2%, MCX Futures Slip Under Rs 8400 Per Barrel

25 Mar 2022 , 05:47 PM

The WTI Crude oil futures tanked today. The commodity eased further as worries over Chinese demand and ideas that the major consuming nations will actively reduce their dependence on Russia energy supplies. WTI Crude oil currently trades down 2% at $110 per barrel. MCX Crude oil futures are trading at Rs 8378 per barrel, down 3.30% on the day. General worries over global economic growth also weighed on sentiments. The UNs trade and development body has downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to the Ukraine war and to changes in macroeconomic policies made by countries in recent months.

Meanwhile, US President Joe Biden and European Commission president Ursula von der Leyen on Friday announced a joint task which will aim to find alternative supplies of liquified natural gas and reduce overall demand for natural gas. The United States will work toward supplying Europe with at least 15 billion cubic meters of liquified natural gas in 2022, in partnership with other nations, the White House said.

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