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Commodity News Details
MCX crude oil sees marginal gains
06-Aug-2025 11:58
MCX crude oil futures for August rose slightly to Rs 5751 per barrel, up 0.4%, as the Indian rupee firmed around 87.7 per dollar after the Reserve Bank of India held its key policy rate unchanged and maintained a neutral stance. The rate decision followed a surprise 50 bps cut in June, which had earlier pressured the rupee. Meanwhile, global oil prices saw a stronger rebound. WTI crude surged above $65.5 per barrel, up 0.5%, breaking a four-day losing streak and recovering from a five-week low. The rise was driven by concerns that India may cut Russian oil imports after US President Trump threatened steep tariffs on Indian goods to pressure Moscow over the Ukraine conflict. Adding to the bullish tone, API data revealed a larger-than-expected 4.2 million barrel drawdown in US crude inventories, indicating robust demand.

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