Crypto Comeback Pro Trading Robot

Crude Oil Prices Trade under Pressure in the Indian Market

After the uncertainty that the OPEC+ talks have caused the price of Crude oil is expected to remain volatile. Without a clear statement from OPEC, oil may continue to fluctuate. However, rising concerns about the delta variant of the coronavirus and the prospect of increased supply may weigh on prices

Due to the possibility of slower demand growth, crude oil prices came under pressure on the morning of July 12. This was due to the rise in Delta variant cases and delayed OPEC+ nations’ verdict overproduction quota. Last week, the energy commodity fell by Rs. 41 which translates to almost 0.73% in the national stock market.

Black gold continued to fall, flattening the gap, and trading at a daily low after starting to follow a weak global trend.

On the Multi Commodity Exchange of India for July crude oil shipments fell by Rs 78 rupees which are 1.4 in percentage. It fell to Rs. 5,476 per barrel, yielding 5,450 lots. Shipments for August fell by Rs. 77 rupees, or 1.39%, to 5,444 rupees per barrel in 977 batches.

So far, the July and August contracts that have been sold are worth Rs. 9.2306 billion and Rs. 298.5 million, respectively. The West Texas Intermediate crude witnessed a drop of 1.6% to $73.37 per barrel. On the other hand, the London-based international benchmark tumbled by 1.55% which reflected as $74.38 per barrel.

According to Ravindra Rao, the price of oil on the New York Mercantile Exchange fell by about 1% to around US$73.9 per barrel. Rao is the senior vice president of Commodity Research, CMT, EPAT at Kodak Securities.

Rao added that this was a continuation of the decline after the market opened. Crude oil trading was mixed, supporting China’s monetary easing, dollar fluctuations, stable inventories, and a decline in US crude oil inventories. This was offset by OPEC’s uncertainty, increased fears about the virus, and the surge in the number of US oil rigs to the peak in April 2020. Without a clear statement from OPEC, oil may continue to fluctuate; however, concerns about the virus and prospects are increasing. He further said that Increased supply may curb price pressure.

Crude oil prices fell due to slower demand growth, which led to the Organization of the Petroleum Exporting Countries’ (OPEC)’s decision to stagnate and lead to a decline in supply.

Previous Article
Next Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Name Price24H (%)
Bitcoin (BTC)
$32,756.00
1.71%
Ethereum (ETH)
$2,062.18
2.58%
Tether (USDT)
$1.00
0.05%
XRP (XRP)
$0.60
0.76%
Litecoin (LTC)
$121.10
1.16%

Start Trading

Best VPN Deal Of The Year

VPN

Disclaimer

This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. The content you are viewing may be sponsored content. Information found on this website does not represent opinions on whether to buy, sell, or hold any investment assets or sign up with any of the services mentioned. Any disputes you may have with brands or companies mentioned on our blog will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Investors must do their own research before investing their money and only do so at their own risk.

Don't Miss Crypto Comeback Pro!

#1 Cryptocurrency Price Prediction Software and Trading Robot
Sign Up

Try Crypto Engine With a Trusted Broker