MCX Evening Update: Crude oil crashes 6% amid bleak global cues

MCX Crude oil futures stayed under extreme stress today as WTI Crude tanked to $80 per barrel, dropping more than 5% and testing two-month low on reports that US-Iran peace deal is set to reopen Strait of Hormuz. MCX Crude is currently down 6% at Rs 7589 per barrel, largely holding in a range since afternoon with a rise in open interest. Natural Gas is also down 1.55% at Rs 292.10 per mmbtu.

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