Mumbai, May 20 -- Crude oil futures slipped below $62 per barrel in Asian electronic trade on Tuesday amid hopes of a Russia-Ukraine ceasefire, which could ease sanctions and boost global supply. US President Donald Trump confirmed both nations will begin ceasefire talks, likely without US involvement. This raised concerns of more oil entering an already oversupplied market. Additionally, Moody's downgrade of US sovereign credit dampened sentiment, while weaker industrial and retail data from China added pressure. Despite the global dip, MCX June crude futures traded up Rs.49 at Rs.5348 per barrel.
Published by HT Digital Content Services with permission from Capital Market....