The crude oil price declined 5 percent in overnight markets because of the US Dollar Index hitting 2-year highs, soaring US treasury yields and International Monetary Fund (IMF) lowering the growth projections for 2022 by nearly a percentage point.

However, not just crude but almost everything in the energy basket fell quite sharply. The heating oil prices come off nearly 3 percent gasoline prices fell 5 percent and natural gas prices fell 10 percent as well.

Also Read: Signs of demand for crude coming off: Mark Matthews

So everything in the energy was trading in the negative in the New York markets. Asia has seen some opportunity buying on the lower side but not so much.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

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