Crude Oil Dropped As Investors Took Some Profits After A Strong Run-Up In Prices.
Crude oil prices experienced a decline of -2.02% yesterday, settling at 6,748 rupees per barrel, as investors opted to take profits following a recent strong rally fueled by concerns over supply disruptions amid Ukrainian drone attacks on Russian refineries. Additionally, Iraq’s announcement of plans to reduce crude exports and Saudi Arabia’s second consecutive monthly decline in exports contributed to the market sentiment. Saudi Arabia, the world’s largest oil exporter, saw a modest increase in crude production in January but experienced a decline in exports, aligning with OPEC+ agreements to curb output.
