Commodities
Crude Oil Futures Plummet 3% Amid Improved Tanker Movement
Crude oil futures fell nearly 3% on Friday as improved tanker movement through key West Asia shipping routes eased immediate supply concerns.
The Multi Commodity Exchange (MCX) saw crude futures for August delivery depreciate by Rs 226, or 2.81%, to Rs 7,811 per barrel.
Traders pointed out that signs of improving oil shipments through the Strait of Hormuz and the Bab el-Mandeb Strait reduced the geopolitical risk premium in crude, prompting selling in domestic futures.
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, said MCX crude oil prices declined on Friday due to weakness in the energy market as crude shipments through key West Asia maritime routes improved despite limited progress in US-Iran negotiations.