Crude oil up on supply disruption worries : 18/09/2018

Crude oil up on supply disruption worries : 18/09/2018


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Crude oil up on supply disruption worries
18/09/2018 03:51
Crude oil futures closed higher in the domestic market on Monday on the threat of disruptions to supply from U.S. sanctions on Iranian oil. Speculation that some major oil producers will discuss further production increases at a meeting later this month helped to limit Monday’s price moves. Market participants have been anticipating U.S. sanctions on Iran specifically targeting oil, which are due to come into force in early November after President Donald Trump’s decision in May to pull out of the nuclear agreement with Tehran. Sanctions against Iran, the third largest OPEC producer of oil, are expected to directly hurt its global crude exports. At the MCX, crude oil futures for September 2018 contract closed at Rs 5001 per barrel, up by 1.03 per cent, after opening at Rs 4987, against a previous close of Rs 4950. It touched an intra-day high of Rs 5049.