MCX settles April crude oil futures contract at minus Rs 2,884/barrel

The country's leading commodity exchange MCX on Wednesday said it has deposited Rs 242.32 crore to clearing members after the settlement of crude oil futures contracts that expired on Monday at minus Rs 2,884 per barrel taking cues from the international market. The exchange, in a regulatory filing, said it has completed the pay in and pay out process and deposited Rs 242.32 crore to clearing members.

As per the contract specification, MCX said crude oil futures contracts are always settled at due date rate as per the New York Mercantile Exchange's (NYMEX) WTI crude oil contract's settlement price converted into Indian rupees. Accordingly, MCX has settled crude oil futures contracts that expired on April 20 at minus Rs  2,884 per barrel taking into account the settlement price of the NYMEX contract at minus USD 37.63 per barrel.

International exchanges such as ICE Futures US, ICE Futures Singapore, DGCX and Moscow Exchange, having cash settled NYMEX WTI Crude Oil Futures contracts, have also settled their corresponding contracts at NYMEX WTI crude oil front month contract's settlement price of minus USD 37.63 per barrel, it added..