Oil drops over 2% on MCX as Washington Weighs Easing Shipping Sanctions

Crude oil prices fell by more than $1 per barrel in Thursday?s Asian electronic trade as investors weighed escalating attacks on shipping in the Strait of Hormuz against potential US sanctions relief to ease oil transportation costs. The American Petroleum Institute (API) estimated that US crude inventories plunged by 11.12 million barrels in the week ended October 9, following a 2.09 million-barrel decline a week earlier. Prices had climbed to a three-week high on Wednesday amid intensifying regional hostilities, but expectations of higher Russian and Middle Eastern supplies limited gains. Russia?s crude output rose by 65,000 barrels per day in September to 8.43 million barrels per day, according to the IEA. On MCX, crude oil futures tumbled more than 2% to ₹8,845 per barrel.

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