new Delhi : After the softening of the last days in the international market in crude oil, the speed has returned rapidly. So far this week, there has been a decline of three dollars per barrel in crude oil prices. Due to the softening of crude oil in the international market, crude oil prices have dropped more than 200 rupees per barrel in the domestic futures market. The July futures contract for crude oil on the Multi Commodity Exchange closed at Rs 4,138 per barrel on Friday, while crude oil prices closed on MCX at Rs 3,916 a barrel on Wednesday in the previous session this week.
Foreign exchange slips down on MCX
In the previous session, due to the softening of the price of crude oil in the overseas market, soft trading was going on in the beginning of the session in the crude oil futures deal on MCX. The closing of crude oil on July 9, at around 9.45 am, was at Rs 3,906 per barrel with a weakness of Rs 10 per session, before the price started at 3,903 rupees per barrel.
On the other hand, Brent crude's September delivery contract rose 0.24 percent to $ 63.81 a barrel on the International Forward Markets Intercontinental Exchange (ICE) on Thursday, but WTA's August contract on the New York Mercantile Exchange was flat at $ 56.80 Made at barrel was made.
Brent crude prices were at $ 66.72 a barrel at the end of last week, while the WTI was closed at $ 60.21 a barrel last week.
The softening of the crude oil prices in the international market in the last session was inspired by the tremendous rise in gasoline deposits in the US. However, according to a recent report by the US Agency for Energy Information (EIA), the crude oil reserves in the US have dropped slightly in the last week.
According to the data released by the EIA on Wednesday, according to the figures released by the EIA, crude oil production in the US stood at 12 million barrels per day last week, which is three million barrels per day compared to last week, but more than 10 million barrels Daily is high.
Angel Broking Deputy Vice President (Energy and Currency Research) Anuj Gupta said that in the beginning of the week, crude oil remained uncertain about the uncertainty between the US and China, because China is a major importer of crude oil in the world. is. After this there has been a decline in the price of crude oil due to a substantial increase in gasoline deposits in the US.