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Crude oil futures slip nearly 6% in afternoon trade

The value of April and May contracts traded so far is Rs 1,655.86 crore and Rs 34.44 crore, respectively.

March 30, 2020 / 03:03 PM IST
Representative image

Representative image

Crude oil futures fell to Rs 1,603 per barrel on March 30 as participants increased their short positions. Oil prices slide as the novel coronavirus, or COVID-19, pandemic darkens global demand outlook.

The Donald Trump government’s plan to fill US strategic petroleum reserve with 77 million barrels seems to be put on hold after Congressional leaders removed funding for it from a contentious COVID-19 aid package.

In the futures market, crude oil for April delivery touched an intraday high of Rs 1,800 and an intraday low of Rs 1,594 per barrel on the MCX. So far in the current series, black gold has touched a low of Rs 1,594 and a high of Rs 4,186.

Crude oil delivery for April slipped Rs 97, or 5.71 percent, to Rs 1,602 per barrel at 14:35 hours IST. The same for May delivery eased by Rs 63, or 3.23 percent, to Rs 1,889 per barrel.

The value of April and May contracts traded so far is Rs 1,655.86 crore and Rs 34.44 crore, respectively.

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"MCX crude oil is expected to trade negatively with resistance at Rs 1,700 level and intermediate resistance at Rs 1,650 level. Sell on every rise is advised, targeting lower support in the Rs 1,550-1,510 zone," Motilal Oswal said in a recent note.

West Texas Intermediate crude slipped 5.11 percent to $20.41 per barrel, while Brent crude, the international benchmark was down 5.62 percent to $26.38 per barrel.
Moneycontrol News
first published: Mar 30, 2020 03:03 pm

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