Crude Oil Prices Plummet Amid Hopes of US-Iran Talks
Crude oil futures plummeted more than 6% on Monday due to easing tensions in West Asia and diplomatic efforts between the US and Iran.
The Multi Commodity Exchange (MCX) saw crude oil futures for August delivery slump Rs 512, or 6.31%, to Rs 7,601 per barrel, hitting its lower circuit level during intra-day trade.
On the international front, Brent oil futures for October delivery dived by $6.38, or 7.3%, to $81.55 per barrel on the Intercontinental Exchange, while US benchmark West Texas Intermediate (WTI) slipped below the $80 per barrel mark, falling $5.89, or nearly 7%, to $78.78 per barrel.
Analysts pointed out that investors rushed to unwind long positions as signs of an easing geopolitical backdrop outweighed concerns over global crude supplies, despite ongoing developments in the region warranting caution.