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Oil prices fall for second straight day on coronavirus concerns, profit booking; Brent slips below $74 a barrel

The momentum indicator Relative Strength Index is at 64.43, indicating bullish movement in prices.

Mumbai / June 29, 2021 / 04:49 PM IST

Crude oil futures on June 29 traded lower as participants booked profit ahead of the OPEC+ meeting and renewed coronavirus concerns as rising delta variant cases across the globe may dampen fuel demand recovery. The energy commodity has declined over 2 percent after hitting a fresh 52-week high in yesterday’s session.

On the MCX, crude oil delivery for July dropped Rs 30, or 0.55 percent, to Rs 5,384 per barrel at 16:13 hours IST with a business turnover of 6,367 lots. The delivery for August declined Rs 24, or 0.45 percent to Rs 5,361 per barrel with a business volume of 515 lots.

The value of July and August’s contracts traded so far is Rs 947.50 crore and Rs 14.39 crore, respectively.

West Texas Intermediate (WTI) crude slipped 0.64 percent to $72.44 per barrel, while Brent crude, the London-based international benchmark, fell 0.40 percent to $73.84 per barrel.