As the extreme volatility in Indian Share Market stuffing out the equities and commodity market, yet another classic volatile sentiment driven selloff in the oil futures space in downtrend.
Despite the fall in nearly 3 percent in Asian trade on Tuesday Both Brent and U.S. crude prices dropped nearly $2 a barrel before partly recovering later in the session.
By 0341 GMT Brent crude for October delivery had dropped $1.50 to $52.65 a barrel, or 2.8 percent, after climbing $4.10, or 8.2 percent, in the previous session. It dropped by $1.99 a barrel earlier in the session.
U.S. crude for October delivery dropped $1.51, or 3 percent, to $47.69 a barrel, after it settled up $3.98, or 8.8 percent in the previous session. It earlier dropped by $1.97 a barrel.
At the MCX, Crude oil futures, for the September 2015 contract, closed at Rs 3,230 per barrel, up by 7.5 per cent, after opening at Rs 2,993, against the previous close price of Rs 3,005. It touched an intraday high of Rs 3,260.
MCX Crude Oil Tips Today
SELL CRUDE SEPTEMBER MCX BELOW 3162 ABOVE 3242 TARGET 3132, 3070
