Oil Slides Well Under Rs 4400 On MCX

Crude oil prices turned around after a latest spurt on media reports that US President Donald Trump administration has approached Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) producers to boost supply. However, there are worries that Venezuela could potentially suspend some crude oil exports and the sentiments seem to be in a fix right now for global oil markets. The WTI Crude oil futures are currently trading at $ 66.92 per barrel, down 0.26% on the day. The latest correction is pushing the commodity towards its recent seven week low. MCX Crude oil futures are quoting at Rs 4360 per barrel, down 0.73% on the day with the strength in the Indian Rupee pulling the local commodities even more.