Crude Prices Rise Over 1% on MCX as Global Markets Rebound

NEW DELHI: Crude oil futures rebounded more than 1 per cent on the Multi Commodity Exchange (MCX) on Tuesday, mirroring gains in global oil prices amid persistent concerns over potential supply disruptions despite renewed diplomatic engagement between the US and Iran.

The August crude oil contract rose Rs 116, or 1.52 per cent, to trade at Rs 7,761 per barrel, recovering from its previous close of Rs 7,645 per barrel. Meanwhile, the September contract gained Rs 109, or 1.46 per cent, to Rs 7,570 per barrel against Monday’s closing price of Rs 7,461 per barrel.

The recovery in crude prices was supported by firm international market trends as traders continued to monitor geopolitical developments and supply risks.