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Commodity News Details
WTI slips below $73 on profit booking, mild gains seen on MCX
18-Jun-2025 13:32
WTI crude oil prices dipped under $73 on Wednesday, easing 0.6% after surging over 4% a day earlier amid ongoing Iran-Israel tensions that pushed prices near a five-month high. Brent crude followed suit, also slipping as traders locked in profits. The conflict, sparked by Israel's strikes on Iranian nuclear and military sites last Friday, continues to stoke supply worries. Meanwhile, OPEC stated it sees the global economy holding firm through the second half of 2025 but trimmed its non-OPEC+ supply growth forecast for 2026, hinting at future market tightening. US crude stocks reportedly dropped by over 10 million barrels last week, possibly the biggest draw since last summer. On the domestic front, MCX July oil futures hovered slightly higher at ₹6306 per barrel.

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