Crude Oil Prices Surge amid Global Market Influences

Crude oil prices experienced a significant rebound, increasing by Rs 411 to Rs 9,272 per barrel, amid firm global cues and fresh buying following recent sharp declines. This uptick was observed on Thursday in futures trade.

On the Multi Commodity Exchange, both the April and May delivery contracts saw substantial growth, attributed to renewed supply concerns and investors seeking bargains after sharp previous session losses.

International movements mirrored this trend, with WTI and Brent oil prices climbing as investors assessed the repercussions of developments in West Asia, particularly following supply disruptions near the Strait of Hormuz.