MCX Crude slides 1.11% as recovery unwinds

WHAT HAPPENED MCX Crude dropped to 7134 INR/bbl at 10:29 pm IST, posting a -1.11% decline from the previous close. The retreat extends the pullback from the 7250 INR/bbl peak reached at 04:41 pm IST as supply-side recovery sentiment fades. USD/INR eased 0.24% to 95.11 INR, while gold climbed 2.67% to 146400 INR/10g and silver rose 2.57% to 227300 INR/kg, signaling renewed safe-haven demand.

WHAT IT MEANS The sub-7140 breach signals crude's struggle to sustain the recovery bounce from 7545 INR/bbl lows. For MCX traders, the pullback amid broad-based precious metal strength suggests risk-off sentiment is reasserting itself, constraining energy upside despite USD weakness. The consolidation range between 7137–7250 INR/bbl remains contested.

WHAT TO WATCH Monitor the 7100 INR/bbl support level. A close below here would confirm weakness and extend the pullback toward the 7545 INR/bbl lows logged on 24 January.