Margin calls triggered in crude oil led to across-the-board selling

The margin on crude oil, which was set at 16.3 per cent on friday, kept on rising today with MCX imposing margins of up to 60%

The price of crude oil was frozen in consecutive lower circuits on Monday morning and the commodity eventually lost 30 per cent following a crash in the international markets. there was a slight recovery in MCX futures during the day, though, and the price ended the day down 23.8 per cent to Rs 2,406 a barrel. However brokers were seen selling everything they had to meet margin calls and cut losses, not just in crude but in practically every other commodity.

The margin on crude oil, which was set at 16.3 per cent on friday, kept on rising today with MCX