Saudi drone strikes: Short sellers on the wrong foot, says expert

The crude oil price for September deliveries on Monday jumped 8.68 per cent, the highest in a single day in 22 years, on the Multi Commodity Exchange of India (MCX), after a drone attack on a Saudi Aramco's oil facility on Saturday shaved 5.7 million barrels of daily production.

Crude oil traded at Rs 4,265 a barrel on the MCX.  “The sharp increase in the crude oil price has triggered a margin call. Traders with the long-side position were okay, but those having the short-side position got trapped. Traders paid margins by selling their positions in equities and other asset classes,”