Oil shoots over 3% as low US crude stock adds to supply concerns, Brent over $96/bbl; what lies ahead?
On the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, were last trading 3.49 per cent higher at ₹7,801 per bbl, having swung between ₹7,568 and ₹7,822 per bbl during the session so far
Oil prices jumped 3 per cent on Wednesday, September 27, after official data showed that US crude stocks fell more than expected, adding to worries of supply tightness amid production cuts by the Organisation of Petroleum Exporting Countries and its allies (OPEC+). High crude oil prices add to weak global cues for the Indian stock markets and may add to selling by foreign investors in Indian equities.
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