Massive Slide In Oil On OPEC-Russia Talks

WTI Crude oil futures witnessed a steep drop today on ideas that OPEC and Russia considered easing supply curbs following an expected drop in Iranian exports. Russian Energy Minister Alexander Novak Alekperov welcomed the OPEC Secretary General and his delegation and expressed his support for the Declaration of Cooperation, noted the oil cartel today. This proved to be a major trigger for a slide in oil and WTI futures slumped up $ 70 per barrel. The slide accelerated amid continued selling pressure and the commodity currently trades at $ 68.75 per barrel, down 2.70% on the day. MCX Crude oil futures are also trading down 3.60% at Rs 4683 per barrel.