India, May 27 -- Crude oil futures declined more than 3 per cent on Wednesday as investors monitored ongoing diplomatic engagement between the US and Iran despite recent military tensions in the Gulf region.
On the Multi Commodity Exchange (MCX), crude oil contracts for June delivery fell by Rs 274, or 3.04 per cent, to Rs 8,740 per barrel with a turnover of 11,539 lots.
According to brokerage firm Kotak Neo, crude oil prices weakened as markets weighed early signs of diplomatic progress against persistent geopolitical risks and military tensions that continue to keep uncertainty elevated over the possibility of a near-term resolution.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....