How is mcx crude oil price calculated?
The price of crude oil is influenced by a variety of factors, including global supply and demand, geopolitical events, and changes in the value of the U.S. dollar.
When demand for crude oil is high, the price tends to rise, as buyers are willing to pay more for the commodity. Conversely, when demand is low, the price tends to fall, as there are fewer buyers willing to pay a higher price.
The cost of production, taxes, transportation and refining also contribute to the price of crude oil.
It’s important to note that the price of crude oil is also subject to speculation, which can cause short-term fluctuations in the market.
It is also important to note that crude oil prices on the MCX are influenced by the prices of Brent Crude and WTI Crude, which are the two benchmark crude oil prices and are used as reference for determining the prices of crude oil globally.