Brent crude oil futures has fallen below USD 60 per barrel early trade at USD 59.50 per barrel, down 0.9 percent from their last close..
In the Multi Commodity Exchange (MCX) Crude oil futures traded lower, tracked by sluggish trend in overseas markets with Brent crude fall below USD 60 per barrel.
Hindustan Petroleum Corp (HPCL) was quoting at Rs 247.15, up 1.60 percent, Bharat Petroleum Corp (BPCL) was quoting at Rs 331.20, up 2.57 percent.
Crude Oil prices rebounded from low levels after Saudi Arabia announced that it will curb oil exports by 5,00,000 barrels per day from December. Reacting the news, aviation stocks such as Jet Airways, SpiceJet and InterGlobe Aviation fell to a certain extent. Read more
With growing global oil production and the market turning towards a situation where supply may well overrun demand, traders are cautious of building up positions in crude futures.
US President Donald Trumps’ sanctions on Iran will kick-in from November 5 and it is probable that crude oil which has moved away to lower levels will trade higher once again at levels of USD 85 per barrel.