Oil price today: Brent crude surges on supply worries; MCX rate could hit ₹7,800 per barrel
₹7,405 per barrel on MCX. Crude oil price opened at ₹7,372 a barrel as compared to its previous close of ₹7,385 on the bourse. International crude oil prices rose, firming around a 10-month peak, as the market balanced supply concerns over Libya output and OPEC cuts with global macroeconomic headwinds.
Benchmark Brent futures gained 0.48% to $92.50 a barrel, while US West Texas Intermediate (WTI) crude rallied 0.55% to $89.33 a barrel. Both benchmarks surged nearly 2% on Tuesday to close at their highest levels since November 2022. Also Read: Oil sizzles at 10-month high on Saudi, Russia output cuts, OPEC upbeat on demand; Brent over $91/bbl In its latest monthly oil market report for September, the Organisation of Petroleum Exporting Countries (OPEC) revised down the global oil demand for 2023 by 1 lakh barrels per day to 29.2 million barrels per day (bpd) - which is 8 lakh bpd higher than 2022, Reuters reported.
The oil cartel has also cut the 2024 demand outlook by 1 lakh bpd to 30 million bpd. “The extended oil production cuts from Saudi Arabia and Russia will lead to the next round of uptrend in crude oil prices. Worries over tightening supply will keep oil prices elevated and the sentiment for MCX crude oil remains bullish," said Amit Sajeja, VP Research - Commodities & Currencies at Motilal Oswal Financial Services.
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