Crude Oil Rebounds to Rs 8,981 Amid West Asia Conflict, Global Supply Concerns
Crude Oil Rebounds to Rs 8,981 Amid West Asia Conflict, Global Supply Concerns
- •Crude oil futures for March delivery on MCX rebounded by Rs 261 (3%) to Rs 8,981 per barrel.
- •The rebound follows a sharp decline in the previous session and is driven by firm global trends and supply uncertainty due to the West Asia conflict.
- •April contract also appreciated by Rs 305 (3.52%) to Rs 8,978 per barrel.
- •International markets saw Brent Oil futures gain 3.31% to USD 103.53 and WTI crude rise nearly 4% to USD 96.09.
- •Geopolitical tensions remain high despite tankers safely passing through the Strait of Hormuz, with diplomatic efforts ongoing and emergency reserves being considered by the US and IEA.
