In the futures market, crude oil for April delivery touched an intraday high and low of Rs 1,750 and Rs 1,513 per barrel on the MCX
Crude oil futures slipped to Rs 1,519 per barrel on April 15 as participants increased their short positions. WTI fell to below $20 a barrel, its lowest level in 18 years.
Oil prices fell as markets were unimpressed with the production cuts announced by OPEC+ and non-OPEC countries.
The International Monetary Fund (IMF) on April 14 warned that global GDP will shrink by 3 percent in 2020 and the economic shock will be worse than the ‘Great Recession’ a decade ago.
The International Energy Agency in its monthly report projected that the global oil demand will fall by 29 million barrels per day in April from a year earlier and the current output cut announced by oil producing nations won’t be able to offset the supply glut immediately.
In the futures market, crude oil for April delivery touched an intraday high and low of Rs 1,750 and Rs 1,513 per barrel on the MCX. So far in the current series, black gold has touched a low of Rs 1,513 and a high of Rs 4,186.
Crude oil delivery for April slipped Rs 263, or 14.78 percent, to Rs 1,517 per barrel at 15:00 hours IST. The same for May delivery was down Rs 178, or 7.93 percent, to Rs 2,068 per barrel.
The value of April and May contracts traded so far is Rs 2,009.68 crore and Rs 335.31 crore, respectively.
West Texas Intermediate crude slipped 2.24 percent to $19.66 per barrel, while Brent crude, the international benchmark was down 3.95 percent to $28.43 per barrel.
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