Crude prices tumbled 6% after the International Energy Agency (IEA) announced it would inject 60 million barrels of government-held stocks in the global market, immediately increasing world supply by some 2.5% for the next month. The IEA says the intervention is to aid the struggling global economy.
According to T Gnansekhar of Commtrendz, any support near Rs 4150 to 4160 a barrel levels could take prices higher towards Rs 4,250 or 4,265 a barrel.
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