Crude Oil Prices Plummet Amid Eased Geopolitical Tensions

Crude oil prices took a hit as geopolitical tensions in West Asia eased, reducing fears of immediate supply disruptions. On the Multi Commodity Exchange (MCE), crude oil futures for August delivery declined by Rs 52 or 0.72% to Rs 7,162 per barrel. The business turnover for this trade was 10,700 lots.

The global Brent crude price also decreased, falling 0.71% to $78.80 per barrel in New York. Analysts pointed out that participants offloaded their holdings as the easing geopolitical backdrop outweighed concerns over global crude supplies.

West Texas Intermediate (WTI) crude was trading 0.94% lower at $75.06 per barrel globally, while Brent crude declined to $78.80/bbl in New York.