Oil prices steady as Russia announces relaxation in fuel export ban, Brent slightly up to $93.4/bbl
Reuters report. Brent crude futures increased 0.18% or 17 cents to settle at $93.44 per barrel on Monday.
This comes following a 3-cent decrease in the previous Friday's closing price. US West Texas Intermediate crude witnessed a 7-cent gain (0.08% rise) and was priced at $90.10.
On the Multi Commodity Exchange (MCX), crude oil futures due for an 19 October expiry, were last trading at ₹7,466 per bbl as against the previous close of ₹7,483 per bbl. Exciting news! Mint is now on WhatsApp Channels.
Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! "The market continues to digest Russia's temporary ban on diesel and gasoline exports into an already tight market, offset with the Fed's hawkish message that rates will stay higher for longer," IG Markets analyst Tony Sycamore told news agency Reuters. The prices of crude oil experienced a decline in the previous week, prompted by the Federal Reserve's adoption of a more aggressive monetary policy stance, which unsettled global financial markets and generated apprehensions regarding the future demand for oil.
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