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Crude oil prices dip over 7% this week on demand concerns, firm dollar; WTI trades near $63/bbl

Crude may trade under pressure amid increasing demand concerns however any stability in the US equity market could keep a floor to prices, said Rao.

Mumbai / August 20, 2021 / 08:09 PM IST

Crude oil prices declined on August 20 on demand worries due to surging cases of COVID-19 Delta variant amid a stronger US Dollar. Crude tumbled over 7 percent so far in the week pressured by slowing growth in China, uneven recovery in the US, and a selloff in equity indices post FOMC minutes.

The energy commodity pared earlier gains and traded in the red after a gap-up start, tracking a muted overseas trend.

On the MCX, crude oil delivery for September slipped Rs 12, or 0.25 percent, to Rs 4,710 per barrel at 16:06 hours IST with a business turnover of 7,233 lots. The delivery for October declined Rs 27, or 0.57 percent to Rs 4,701 per barrel with a business volume of 339 lots.

The value of September and October’s contracts traded so far is Rs 652.60 crore and Rs 16.44 crore, respectively.