Crude oil up on Middle East political unrest
16/05/2018
Crude oil up on Middle East political unrest
16/05/2018 07:39
Crude oil futures closed higher in the domestic market on Tuesday with supply concerns tied to political unrest in the Middle East lifting prices for the global crude benchmark. The bottom line for oil is that global supply will fall by some unknown amount as a result of the U.S. leaving the Iran deal, and that is bullish given the backdrop of high OPEC compliance, strong global demand expectations, geopolitical uncertainty and stabilizing U.S. production growth. At the MCX, crude oil futures for June 2018 contract closed at Rs 4855 per barrel, up by 1.27 per cent, after opening at Rs 4796, against a previous close of Rs 4794. It touched the intra-day high of Rs 4889.
16/05/2018
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Crude oil up on Middle East political unrest
16/05/2018 07:39
Crude oil futures closed higher in the domestic market on Tuesday with supply concerns tied to political unrest in the Middle East lifting prices for the global crude benchmark. The bottom line for oil is that global supply will fall by some unknown amount as a result of the U.S. leaving the Iran deal, and that is bullish given the backdrop of high OPEC compliance, strong global demand expectations, geopolitical uncertainty and stabilizing U.S. production growth. At the MCX, crude oil futures for June 2018 contract closed at Rs 4855 per barrel, up by 1.27 per cent, after opening at Rs 4796, against a previous close of Rs 4794. It touched the intra-day high of Rs 4889.
