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Commodity News Details
Hot Commodities: Oil dives 5% weekly; WTI hits 2-month low, MCX slips to Rs 5550
08-Aug-2025 12:25
Crude oil prices slumped this week, with WTI futures crashing below $64 ' their lowest level in two months ' and booking a sharp 5% weekly loss, the steepest since June. Easing geopolitical tensions, particularly hopes of productive US-Russia talks on Ukraine, have cooled supply disruption fears. This overshadowed concerns over US sanctions on India for importing Russian oil and Trump's fresh 25% tariff on Indian goods, with threats of further tariffs on China. On the domestic front, MCX crude oil futures dropped by 1% to ₹5550 per barrel, mirroring the global decline. Meanwhile, expectations of increased OPEC output and renewed global trade tensions are fueling worries about weakening demand and slower economic growth.

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