Oil ditches initial gains on firm US dollar, analysts say buy the dip: Key pressure points for crude this week
On the Multi Commodity Exchange (MCX), crude oil futures due for a June 16 expiry, were last seen trading lower by 1.13 per cent at ₹5,961 per bbl, having swung between ₹5,567 and ₹5,779 per bbl during the session so far
Oil prices extended losses and relinquished initial gains, declining by over two per cent on May 31 on a stronger US dollar and weak China's economy data as recovery continues to lose steam, which further raised demand fears from the top oil importer. Asian markets tumbled following the release of the data that affected oil prices to retreat from initial gains witnessed earlier today.
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