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Commodities

West Asia Tensions Send Crude Oil Prices Soaring to Rs 7,404 Per Barrel

Guavy AI Editorial Team
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Oil
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Crude oil futures traded higher on the Multi Commodity Exchange (MCX) as geopolitical tensions in West Asia continued to escalate.

The price of crude oil rose 0.37% to Rs 7,404 per barrel for August delivery on MCX, with a business turnover of 13,250 lots.

This increase is attributed to the ongoing crisis in West Asia, where Iran fired missiles at Tel Aviv in retaliation for Israel's actions in Lebanon.

Global benchmark crude prices also advanced, with West Texas Intermediate (WTI) trading 0.49% higher at USD 77.67 per barrel and Brent crude rising 0.81% to USD 83.16 per barrel in New York.

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