3 weeks ago

Crude Oil Volatility, Rupee Movement to Drive Commodity Markets

Crude Oil Volatility, Rupee Movement to Drive Commodity Markets
Crude oil volatility, rupee movement to drive commodity markets next week: Analysts · thehansindia.com

Oil is a liquid that powers cars, planes, and many machines, so its price matters to people all over the world.

This week, oil prices moved up and down a lot because of news about a sea route called the Strait of Hormuz, where many oil-carrying ships travel.

The President of the United States, Donald Trump, decided to pause a planned attack on Iran and try talking instead.

That decision made oil prices fall at first, because people felt less worried about a big fight.

Prices later recovered as people waited to see whether an agreement to reopen the shipping route would really happen.

One kind of oil, called Brent, now costs about 83 dollars and 55 cents for one barrel.

Another kind, called WTI, costs about 78 dollars for one barrel.

India's currency, the rupee, became a little stronger against the American dollar.

Experts think oil prices will keep swinging next week, and the rupee could get even stronger if things stay peaceful.

In the end, it all depends on the US dollar, oil price movements, and world events.

Key facts

Brent crude (Friday close)
$83.55 per barrel, up 1.29%
Brent crude (previous week close)
$90.12 per barrel
WTI crude (September delivery)
$78.18 per barrel, down from $84.67
MCX crude oil
Fell to ~Rs 7,100 before recovering to ~Rs 7,400
MCX resistance level
Rs 7,500-7,550
MCX support level
Rs 7,380-7,300
USD/INR exchange rate
Settled around Rs 95.2, after touching a low of about Rs 94.9

Sources

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