Crude oil futures on MCX fell ₹46 or 0.82% to ₹5,588 per barrel in 11,320 lots on Thursday
WTI crude declined 1.03% to USD 63.31 per barrel, while Brent crude fell nearly 1% to USD 66.94 per barrel in overseas markets
Prices dropped after reports suggested OPEC+ may announce another production hike at upcoming meetings
Crude oil prices on Thursday declined ₹46 to ₹5,588 per barrel in the futures trade on the MCX amid reports that OPEC+ may announce another production hike at its upcoming meetings.
On the Multi Commodity Exchange, Crude oil futures decreased ₹46 or 0.82% to ₹5,588 a barrel in a business turnover of 11,320 lots.
In the overseas markets, West Texas Intermediate Crude Oil dipped 1.03% to USD 63.31 per barrel while Brent Crude went lower by nearly 1% to USD 66.94 a barrel.
"Crude oil slumped on Wednesday, giving up earlier gains, after reports suggested OPEC+ may announce another production hike at its upcoming meetings," said Rahul Kalantri, Vice-President of Commodities, Mehta Equities.
Kalantri further stated that crude oil prices were weighed down by a surprise rise in US stockpiles, with American Petroleum Institute reporting an inventory build of 0.6 million barrels for the week ending August 29, against market forecasts for a 3.4 million-barrel decline.
According to brokerage firm Axis Securities, weak US macroeconomic data weighed on demand prospects of the crude oil. However, losses were partly cushioned by a softer US dollar.
