Crude Oil Futures Drop on Israel-Iran Ceasefire
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Crude oil futures fell on Tuesday due to hopes of an Israel-Iran ceasefire and weak spot demand. Prices dropped significantly on the Multi Commodity Exchange and globally.
New Delhi, Jun 24 (PTI) Crude oil futures fell Rs 316 to Rs 5,730 per barrel on Tuesday as hopes of a ceasefire between Iran and Israel, coupled with weaker spot demand, prompted participants to trim their positions.
On the Multi Commodity Exchange, crude oil for July delivery declined Rs 316 or 5.23 per cent to Rs 5,730 per barrel in 10,985 lots.
Analysts said the prices were affected following participants offloading their holdings amid weak demand in the spot market.
On the global front, West Texas Intermediate crude oil fell 3.49 per cent to USD 66.12 per barrel, and Brent Crude was trading 3.36 per cent lower at USD 69.08 a barrel in New York. PTI DR
On the Multi Commodity Exchange, crude oil for July delivery declined Rs 316 or 5.23 per cent to Rs 5,730 per barrel in 10,985 lots.
Analysts said the prices were affected following participants offloading their holdings amid weak demand in the spot market.
On the global front, West Texas Intermediate crude oil fell 3.49 per cent to USD 66.12 per barrel, and Brent Crude was trading 3.36 per cent lower at USD 69.08 a barrel in New York. PTI DR
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