MCX Evening Update: Crude sees massive rebound, breaks above Rs 10K mark in intraday moves

MCX Crude oil futures saw a massive spike in afternoon trades amid a sharp rebound in global crude oil prices. WTI Crude was back to winning ways and zoomed well above $100 per barrel on sustained US-Iran worries. Media reports stated that Iran?s navy has prevented US ships entering the Strait of Hormuz, state media reported, after President Donald Trump said the US military would help guide stranded vessels. MCX Crude oil had tanked near Rs 9500 per barrel in morning trades but bounced back impressively and hit highs above Rs 10200 per barrel. It currently trades at Rs 9850 per barrel, up 1.91% on the day.

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