Crude Oil Futures Decline on Low Demand and Iran-Israel Tension
Apr 15, 2024 15:04
Crude oil futures fell on Monday due to profit-booking and easing tensions after Iran's attack on Israel. West Texas Intermediate and Brent crude also declined.
New Delhi, Apr 15 (PTI) Crude oil futures on Monday declined 1.57 per cent to Rs 7,074 per barrel as participants trimmed their positions after Iran's attack on Israel.
On the Multi Commodity Exchange, crude oil for April delivery fell Rs 113 or 1.57 per cent to Rs 7,074 per barrel with a business volume of 6,469 lots.
"Oil prices are trading lower on profit-booking and as risk premium due to Israel-Iran tussle eased after the weekend developments," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.
Globally, West Texas Intermediate crude oil traded 1.04 per cent lower at USD 84.77 per barrel, while Brent crude was trading 0.95 per cent lower at USD 89.59 per barrel in New York.
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