Crude oil prices climbed ₹300 to hit a record of ₹10,888 per barrel in futures trade on Tuesday, tracking strong global energy benchmarks amid persistent supply concerns and geopolitical tensions in West Asia.
Crude Oil Futures Hit Record ₹10,888 Per Barrel; WTI Touches $116
On the Multi Commodity Exchange (MCX), crude oil for April delivery increased by ₹300, or 2.83%, to hit a lifetime high of ₹10,888 per barrel
Crude Oil Futures Hit Record ₹10,888 Per Barrel; WTI Touches $116 Crystal Petroleum
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On the Multi Commodity Exchange (MCX), crude oil for April delivery increased by ₹300, or 2.83%, to hit a lifetime high of ₹10,888 per barrel.
Similarly, the May contract also advanced ₹170, or 1.82%, to touch a fresh record high of ₹9,485 per barrel on the MCX.
Analysts said crude prices remained supported by tightening global supply conditions and uncertainty surrounding Strait of Hormuz, a key shipping transit route for energy exports.
The rally followed sharp gains in international oil prices, as traders remained concerned over supply disruptions and ongoing conflict in West Asia.
In the international market, West Texas Intermediate (WTI) crude futures for the May delivery gained $4.14, or 3.7% to $116.55 per barrel, while Brent oil for the June contract rose 1.5% to $111.40 per barrel in New York.