Surging greenback weighed on all commodity prices including crude oil. Similarly, the crude oil futures on the Multi Commodity Exchange (MCX) closed the week at ₹6,426 per barrel, losing 5.6 per cent. Also, the increase in the US crude oil inventories was less than expected for the week ended September 16. Nevertheless, technical indicators largely remain negative for crude oil. The price level of ₹5,550 is a strong base against which the MCX crude oil futures could see a bounce.

Source: The Hindu September 25, 2022 00:11 UTC