Mumbai, 27 March (CommoditiesControl):
Crude oil prices experienced a decline as geopolitical tensions persisted alongside uncertainty surrounding OPEC's production quotas, ANZ Bank highlighted in its latest update.
The breakdown of ceasefire talks between Israel and Hamas, coupled with reports of Houthi rebel activities targeting US and UK ships, contributed to market unease. Israeli Prime Minister Benjamin Netanyahu's accusations of extreme demands by Hamas added to the geopolitical complexity.
Meanwhile, attention remains on OPEC's upcoming Joint Monitoring Ministerial Committee meeting, where discussions on production quotas are anticipated. Reports indicate that some members, such as Iraq, have exceeded their designated production limits, potentially influencing future policy decisions.
Despite speculation, a report suggested that there might be no immediate changes to the existing production agreement, which is set to continue until the end of June.
In response to these developments, Brent crude retreated by 0.8% to US$85.53 per barrel, while West Texas Intermediate (WTI) crude saw a 0.9% decline to US$80.87 per barrel in early Wednesday trading. Additionally, on the Multi Commodity Exchange (MCX), crude oil declined by 1.19%, currently trading at 6735 levels. It is positioned below both its support levels of 6750-6735. If the downtrend persists, the next potential support for crude oil is anticipated at the 21-day exponential moving average (EMA) at 6660 levels.
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