Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Beginning of the new year was not so great for the crude oil futures as its prices were dropped by Rs 12 to Rs 4,374 per barrel after participants reduced positions tracking a subdued demand at spot market.
On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 12, or 0.27 per cent, to Rs 4,374 per barrel with a business volume of 6,704 lots. Its delivery for the year’s second month was quoting lower by Rs 10, or 0.23 per cent, at Rs 4,370 per barrel with an open interest of 239 lots.
Experts believed the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.
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Globally, West Texas Intermediate crude oil traded 1.01 per cent lower at USD 61.06 per barrel.
Brent Crude, the international benchmark, dropped 1.01 per cent to trade at USD 66 per barrel in New York.
(With input from agencies)
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