Crude oil futures tanked today, testing around two week low as the fourth round of talks between Ukraine and Russia got underway. The WTI Crude oil futures also tracked renewed worries on Covid-19 spikes in China and currently trade down around 6% at just above $103 per barrel. MCX Crude oil futures broke under the key Rs 8000 per barrel mark and currently trade at Rs 7972 per barrel, down 4.36% on the day. Oil cut some of the losses amid firm cues from European equities. Overall sentiments are likely to be volatile ahead of two key monthly updates from OPEC and IEA.
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