The United States from November will target Iran’s oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
MCX Crude Oil Alert — Storng support @ 5140 and below same could see a test of 5079 levels and resistance is now likely to be seen at 5344, a move above could see prices testing 5410.
Read More : Crude Oil Imports may be Cut as Price Forecast Put at $100 a Barrel
Crude oil rallied after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply. Oil markets have been driven up by looming U.S. sanctions against Iran and an unwillingness or inability by Middle East dominated producer cartel OPEC and Russia to raise output.
The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal recommendation for any additional supply boost to counter falling supply from Iran.
Read More : MCX Crude Alert : I Told You Lots of Time Crude Ultimate Target ₹5600, Watch High 5302 – Neal Bhai Reports
OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday effectively rebuffed Trump’s demand for moves to cool the market. “I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters on Sunday.
U.S. President Donald Trump has demanded that the Organization of the Petroleum Exporting Countries (OPEC), of which Iran is a member, and Russia increase their supplies to make up for the expected fall in Iranian exports. – Neal Bhai Reports
