New Delhi: Crude oil futures fell 3 per cent to Rs 7,811 per barrel on Friday, tracking weak global benchmarks as improving tanker movements through key West Asia shipping routes eased concerns over immediate supply disruptions despite lingering geopolitical risks.
On the Multi Commodity Exchange (MCX), crude futures for August delivery depreciated Rs 226, or 2.81 per cent, to Rs 7,811 per barrel. Similarly, the September contract also dipped by Rs 190, or 2.43 per cent, to Rs 7,616 per barrel on the commodities bourse.
Traders said signs of improving oil shipments through the Strait of Hormuz and the Bab el-Mandeb Strait reduced the geopolitical risk premium in crude, prompting selling in domestic futures. “MCX Crude oil prices declined on Friday, tracking weakness in the energy market as crude shipments through key West Asia maritime routes improved despite limited progress in US-Iran negotiations,” said Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.
In the international markets, Brent oil futures for September delivery declined $1.81, or 2.03 per cent, to $87.22 per barrel on the Intercontinental Exchange. The West Texas Intermediate for the September contract also slipped $1.80, or 2.15 per cent, to $81.79 per barrel on the New York Mercantile Exchange.
