Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on 28 May, in line with a weak trend overseas as speculators cut bets.
Crude oil for delivery in July was trading lower by Rs 126, or 2.73 per cent, at Rs 4,485 per barrel with a business volume of 153 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for June delivery were trading lower by Rs 125, or 2.72 per cent, at Rs 4,472 per barrel with a business volume of 3,214 lots.
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Analysts said a steep fall in crude oil futures is mostly in tune with a weak trend in global market as the market eyed an increase in output from the world’s three top crude producers, Russia, the US and Saudi Arabia, and profit-booking by speculators.
Meanwhile, West Texas Intermediate was down $1.65 or 2.43 per cent, at $66.23 per barrel, while global benchmark Brent was down $1.44, or 1.88 per cent, at $75 a barrel.
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