Crude Oil Prices Crash: Brent Slips Below $66, MCX Crude Falls Over 5% Amid Global Demand Fears
Crude Oil Prices Today: Brent and MCX Under Heavy Selling Pressure
Crude oil prices witnessed a sharp sell-off in today’s trading session, with both global and domestic benchmarks falling over 5%, reflecting growing concerns around global demand, macro uncertainty, and risk-off sentiment across commodities.
- Brent Crude (Global Benchmark)
- Price: $65.805 per barrel
- Change: −$3.770 (−5.42%)
- Day’s Range: $65.295 – $67.325
- MCX Crude Oil Futures (India)
- Price: ₹5,679 per barrel
- Change: −₹301 (−5.03%)
- Day’s Range: ₹5,622 – ₹5,961
- 52-Week Range: ₹4,724 – ₹6,585
The sharp fall indicates aggressive unwinding of long positions and heightened caution among traders.
Why Crude Oil Prices Are Falling Today
1. Global Demand Concerns Intensify
Markets are increasingly worried about slowing global economic activity. Weak manufacturing indicators and cautious consumption outlooks have raised doubts over near-term oil demand growth.
2. Strong US Dollar Pressure
A firm US dollar continues to weigh on crude oil prices, making commodities more expensive for non-dollar economies and reducing speculative demand.
3. Risk-Off Mood Across Commodities
The broader commodity space is under pressure, with gold, silver, and crude oil seeing heavy selling. Investors are shifting toward capital preservation amid global uncertainty.
4. Profit Booking After Volatile Sessions
After sharp swings in recent sessions, traders are locking in profits, adding to intraday downside momentum in crude oil.
Technical Snapshot: Crude Oil Under Breakdown Zone
- Brent crude slipped close to the lower end of its intraday range, indicating weak buying support.
- MCX crude breached key short-term support levels, increasing the risk of further downside if selling pressure continues.
- Volatility remains elevated, suggesting cautious trading ahead.
Impact on Indian Markets
- Oil marketing companies (OMCs) may benefit marginally from lower crude prices.
- Upstream oil producers could face near-term pressure due to lower realizations.
- A sustained decline in crude may help contain imported inflation, supporting macro stability.
What Traders and Investors Should Watch Next
- Global macro cues and currency movement
- Demand signals from major economies
- Any supply-side commentary from oil-producing nations
- Stability above key support levels on MCX crude
Crude oil prices are facing a sharp corrective phase, with both Brent and MCX crude falling over 5% in a single session. The decline reflects a combination of global demand worries, a strong US dollar, and risk-off sentiment. Until clarity emerges on economic growth and energy demand, crude oil is likely to remain volatile.
