Crude Oil Futures Plummet 8% on Easing West Asia Tensions

Crude oil futures plummeted nearly 8% on Monday as easing tensions in West Asia triggered a global selloff. On the Multi Commodity Exchange (MCX), crude futures for August delivery dropped Rs 665, or 7.73%, to Rs 7,939 per barrel in a business turnover of 12,994 lots.

The September contract also tumbled Rs 537, or nearly 7%, to Rs 7,710 in 1,865 lots. Traders attributed the sharp decline to losses in global crude oil markets following Washington and Tehran's signal for a pause in military escalation.

Aamir Makda, Commodity & Currency Analyst at Choice Broking, said MCX Crude oil futures continued their downside momentum on Monday amid easing concerns over supply disruption in West Asia.