Crude oil prices fell a little over 2 per cent to Rs 8,396 per barrel in futures trade on Friday amid signs of a potential US-Iran agreement and easing geopolitical tensions dampening fears of prolonged supply disruptions.
Crude prices for May delivery decreased by Rs 180, or 2.1 per cent, to Rs 8,396 per barrel on the Multi Commodity Exchange.
“Crude futures declined after US President Donald Trump expressed optimism over a potential agreement with Iran, easing concerns over prolonged supply disruptions,” Kaveri More, Commodity – Technical Research at Choice Broking, said.
Trump indicated that Tehran may accept terms, including abandoning nuclear ambitions, reopening the Strait of Hormuz, and offering “free oil,” though there has been no official confirmation from Iran.
In the international market, oil futures remained below USD 100 per barrel as investors turned hopeful about a near-term resolution to the conflict in West Asia.
West Texas Intermediate (WTI) for the May contractCrude oil prices fell a little over 2 per cent to Rs 8,396 per barrel in futures trade on Friday amid signs of a potential US-Iran agreement and easing geopolitical tensions dampening fears of prolonged supply disruptions.
Crude prices for May delivery decreased by Rs 180, or 2.1 per cent, to Rs 8,396 per barrel on the Multi Commodity Exchange.
“Crude futures declined after US President Donald Trump expressed optimism over a potential agreement with Iran, easing concerns over prolonged supply disruptions,” Kaveri More, Commodity – Technical Research at Choice Broking, said.
Trump indicated that Tehran may accept terms, including abandoning nuclear ambitions, reopening the Strait of Hormuz, and offering “free oil,” though there has been no official confirmation from Iran.
In the international market, oil futures remained below USD 100 per barrel as investors turned hopeful about a near-term resolution to the conflict in West Asia.
West Texas Intermediate (WTI) for the May contract Latest News [ SOBAN NEWS: International and National ]
