Crude oil sheds over 7% on global cues, bullion take a beating too

Traders book profit on gold and silver, MCX crude futures follow WTI, which hit a 21-year low of $18 a barrel

Gold and silver futures declined by over 3 per cent each on profit-taking, with crude oil falling by over 7 per cent on the Multi Commodity Exchange of India (MCX) on Friday.

The decline in crude oil was sharper because the MCX cru­de contract is based on West Texas Interme­diate (WTI) prices, whi­ch fell sharply compa­red to the Brent. While WTI is the ben­ch­mark for the US, Brent Crude is the Opec members’ domain.

WTI oil was quoting at a 21-year low, at aro­u­nd $18 per barrel. Bre­nt is still at $28, but the decline was sharper.