Crude Oil Futures Plunge by 3% Amid Easing Supply Concerns

Crude oil futures declined on Friday by 3% to Rs 7,811 per barrel on the Multi Commodity Exchange (MCX) due to easing supply concerns. The improvement in tanker movements through key West Asia shipping routes reduced geopolitical risks, prompting selling in domestic futures.

The MCX Crude oil prices for August delivery dropped by Rs 226, or 2.81%, to Rs 7,811 per barrel. Similarly, the September contract dipped by Rs 190, or 2.43%, to Rs 7,616 per barrel on the commodities bourse.

Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, said that MCX Crude oil prices declined due to weakness in the energy market as crude shipments through key West Asia maritime routes improved despite limited progress in US-Iran negotiations.