Crude Oil Prices See Volatility Amid OPEC+ Production Signals

Crude oil prices took a hit on Tuesday, reversing early gains to trade at Rs 5,576 per barrel as weak global cues emerged. The dip follows signals from OPEC+ nations planning production increases and the resumption of exports from Iraq's Kurdistan region.

Trading on the Multi Commodity Exchange saw October crude oil futures dropping by Rs 34, a 0.61% decline, while the November contract saw a 0.72% decrease. Meanwhile, international markets mirrored this trend with West Texas Intermediate (WTI) crude and Brent crude both recording losses in New York.

The volatility in oil prices was attributed to OPEC+'s proposal to boost output by 137,000 barrels per day starting November. This news, combined with other geopolitical factors and economic data, has created a complex trading environment, weighing on crude prices despite some upward pressures from international tensions.

(With inputs from agencies.)