Crude oil rises on Iran uncertainty
14/05/2018
Crude oil rises on Iran uncertainty
14/05/2018 00:07
Crude oil futures closed higher in the domestic market on Friday driven by uncertainty over how much oil the global market will lose following the U.S. decision to reimpose sanctions on OPEC member Iran. Trump’s move Tuesday to abandon the 2015 international agreement to curb Iran’s nuclear program paved the way for the reimposition of U.S. economic sanctions on the Islamic Republic. The expectation that sanctions will again frustrate Iran’s oil industry and limit global supply has helped to provide support to oil. At the MCX, crude oil futures for May 2018 contract closed at Rs 4793 per barrel, up by 0.76 per cent, after opening at Rs 4786, against a previous close of Rs 4757. It touched the intra-day high of Rs 4824.
14/05/2018
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Crude oil rises on Iran uncertainty
14/05/2018 00:07
Crude oil futures closed higher in the domestic market on Friday driven by uncertainty over how much oil the global market will lose following the U.S. decision to reimpose sanctions on OPEC member Iran. Trump’s move Tuesday to abandon the 2015 international agreement to curb Iran’s nuclear program paved the way for the reimposition of U.S. economic sanctions on the Islamic Republic. The expectation that sanctions will again frustrate Iran’s oil industry and limit global supply has helped to provide support to oil. At the MCX, crude oil futures for May 2018 contract closed at Rs 4793 per barrel, up by 0.76 per cent, after opening at Rs 4786, against a previous close of Rs 4757. It touched the intra-day high of Rs 4824.
