Crude oil slips marginally on MCX
Crude oil for December delivery on the Multi Commodity Exchange eased by ₹10, or about 0.19%, settling at ₹5,213 per barrel. The contract changed hands in 10,100 lots, signalling modest activity during the session.
Small move, limited momentum
The decline is a minor shift in price and suggests limited momentum in either direction. A ₹10 fall on a ₹5,213 base is a relatively small intraday change, pointing to cautious trading rather than a strong trend.
Trading activity and liquidity
With 10,100 lots traded, liquidity appeared adequate for the December contract. That level of volume indicates participation from both hedgers and short-term speculators, but not a surge of aggressive buying or selling.
What could influence prices next?
- Global oil cues: International supply and demand signals often move prices, especially near contract expiry.
- Currency and domestic demand: Rupee movements and local fuel demand trends can affect crude benchmarks in domestic markets.
- Geopolitical and macro factors: Any shifts in global risk sentiment may quickly alter crude oil direction.
Short-term outlook
Given the small decline and steady lots traded, short-term outlook remains neutral to slightly cautious. Traders watching the December contract will likely look for follow-through volume or clearer global signals before committing to bigger positions.