Global crude oil plunges up to 7 pc on ceasefire hopes

New Delhi, March 25 International crude oil prices witnessed a sharp decline on Wednesday amid growing hopes of a ceasefire in the West Asia region. Brent crude futures fell 7 per cent to an intraday low of $97.18 per barrel, while US WTI crude dropped over 6 per cent to $86.72 as of 10:40 AM. Experts said the recent correction in crude prices could offer some relief to India’s macroeconomic indicators, including inflation and the Current Account Deficit (CAD), even as technical indicators suggest key support levels are being tested. “Commodity markets corrected sharply last week, with oil retreating from…