MCX Crude Falls 2.28% on Supply Sentiment Reversal

WHAT HAPPENED MCX Crude dropped to 7658 INR/bbl at 09:30 am IST, posting a −2.28% decline from previous close. The pullback extends the downside momentum logged at 20:39 IST yesterday (−2.55% to 8146 INR/bbl) and reverses the intraday rally to 8275 INR/bbl recorded at 14:23 IST. Rupee weakness (USD/INR 95.4, −0.34%) fails to cushion the move as supply-side stabilisation sentiment falters.

WHAT IT MEANS For MCX futures traders, crude is testing intermediate support near 7658 INR/bbl after a two-day oscillation between 7754–8275 INR/bbl. Cross-asset pressure remains mixed: gold flat (+0.01%), silver and copper resilient (+0.40%, +0.46%), but natgas strength (+1.11%) signals selective energy weakness. Position squaring in crude ahead of global oil cues dominates near-term direction.

WHAT TO WATCH Support holds at 7658 INR/bbl. Break below 7600 INR/bbl or recovery toward 7800 INR/bbl will signal conviction direction. Watch WTI settlement and OPEC sentiment overnight.