Mumbai, March 26 -- Crude oil futures climbed above $69 per barrel on Wednesday, driven by supply concerns and a sharp 4.6 million-barrel drop in US crude inventories, as reported by API. Trump signed an order imposing 25% tariffs on countries buying Venezuelan oil, risking disruptions to key refiners in China, India, and Spain. Additionally, Chevron's deadline to exit Venezuela was extended to May 27, with potential output cuts of 200,000 bpd. MCX April oil futures traded up by Rs.31 at Rs.5950 per barrel. However,upside was limited US brokered deals with Ukraine and Russia, aiming to ease energy tensions and potentially allow Russian oil back into global markets.
Published by HT Digital Content Services with permission from Capital Marke...