Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles. Brent crude futures for November rose 16 cents,

WTI oil has an American Petroleum Institute gravity of 39.6 degrees, considered “light.” WTI also has a sulfur content of just 0.24%, making it very “sweet.” WTI crude oil is typically the benchmark for U.S. oil prices in the trading world.

Investors should not lose sight of the impact of falling crude oil prices on MCX. That’s because options are the company’s main earnings driver, and crude oil options form a big chunk. In Q1FY25, transaction charges formed 85% of MCX’s total revenues.

Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles. Brent crude futures for November were up 36 cents,