Deep Slide Extends In Oil, Bullion And Metal Counters Under Stress

WTI Crude oil futures extended their heavy slide to test around six week lows today as follow up selling took a massive toll on the commodity. Prices have dropped from a recent four year highs last week. WTI Crude oil futures witnessed a steep drop on Friday after recent gain 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. This proved to be a major trigger for a slide in oil and WTI futures slumped below $ 70 per barrel, falling more than 4% in a single session. The commodity has added to these losses and currently trades at $ 66.80 per barrel, down 1.59% on the day. MCX Crude oil futures also succumbed to this pressure and currently trade at Rs 4517 per barrel, down 1.74% on the day. The precious and base metals complex also followed oil and are currently trading with heavy losses. MCX Gold is down 0.79% at Rs 30944 per 10 grams while Copper has lost 1.50% to trade at Rs 455 per kg.