CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 25 SEPTEMBER 2019
Energy Preview: Crude Tumbles, MCX Futures Crash Well Under Rs 4100 Mark
WTI Crude oil futures saw a sharp tumble yesterday as a
failure to hold above $60 per barrel hurt the sentiments. Global stocks saw
tepid moves amid broad worries over the US-China trade standoff while the oil
traders also focused on rising US crude exports. The commodity is currently
trading at $57 per barrel, down 0.50% on the day. MCX Crude oil futures closed
at Rs 4083 per barrel, down 1.64% on the day. Oil is likely to be tentative
though as world leaders are gathering in New York this week to take part in the
74th session of the United Nations General Assembly (UNGA). The meeting is
being held amid persistent tension in the Middle East over recent attacks on
Saudi Arabian oil facilities. The American Petroleum Institute (API) has
estimated a sharp crude oil inventory build of 1.38 million barrels for the
week ending September 19, according to media reports.
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