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Last Updated : Mar 26, 2020 03:10 PM IST | Source: Moneycontrol.com

Crude oil futures slip nearly 5% in afternoon trade

The value of April and May contracts traded so far is Rs 1,419.96 crore and Rs 18.33 crore, respectively.

Crude oil futures declined to Rs 1,861 per barrel on March 26 as participants trimmed positions. Prices fell as the $2 trillion emergency stimulus announced by the US Senate is unlikely to offset the fall in oil demand caused by the COVID-19 travel ban.

In the futures market, crude oil for April delivery touched an intraday high of Rs 1,928 and an intraday low of Rs 1,852 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 1,717 and a high of Rs 4,186.

Crude oil delivery for April declined Rs 93, or 4.75 percent, to Rs 1,866 per barrel at 14:40 hours. The same for May delivery was down Rs 64, or 2.96 percent to Rs 2,100 per barrel.

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The value of April and May contracts traded so far is Rs 1,419.96 crore and Rs 18.33 crore, respectively.

MCX crude oil is expected to trade sideways with support at Rs 1,880 and resistance at Rs 1,975, according to Motilal Oswal.

West Texas Intermediate crude eased 2.57 percent to $23.86 per barrel, while Brent crude, the international benchmark, was down 2.01 percent to $26.84 per barrel.

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First Published on Mar 26, 2020 03:10 pm
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