Update on Crude Prices

Oil prices saw a significant correction on Tuesday, March 10, after reaching their highest level in more than three years in the previous session, as US President Donald Trump suggested that the conflict in the Middle East could end soon, easing fears of prolonged disruptions to global crude supplies. Brent crude futures dropped $6.51, or 6.6%, to $92.45 per barrel, while West Texas Intermediate crude fell $6.12, or 6.5%, to $88.65 per barrel, on Tuesday. Brent and West Texas Intermediate both tumbled more than 10% before clawing back some losses. Back home, crude oil prices on the Multi Commodity Exchange (MCX) also witnessed a similar downtrend. MCX crude oil prices traded at ₹8,261 per barrel, down 6%.