Crude Oil on MCX settled up 0.24% at 4582 as expected falls in supply over Iran sanctions outweighed concerns over the global economy. Oil prices have been driven higher in the past few months as demand for oil outsrips supply but cooled in recent weeks amid trade tensions and supply disruptions.
MCX Crude Tips – Oil Ultimate Target ₹ 5010 — ₹ 5240 – Just Need Patience | Neal Bhai Reports
Trade worries eased as U.S. and Chinese officials are expected to talk in Washington on Wednesday and Thursday, shortly before new U.S. charges on Chinese goods take effect. Upcoming U.S. sanctions against Iran also supported prices.
The financial sanctions against Iran were introduced this month by the U.S. government and will target the petroleum sector of Iran in November. Iran asked the EU to speed up efforts to save the 2015 nuclear deal between Tehran and major powers that U.S. President Donald Trump pulled out of.
In the United States, energy companies last week kept the oil rig count unchanged, according to the Baker Hughes services firm as weaker oil prices temper the pace of U.S. production growth. Meanwhile, hedge funds cut their bullish positions in oil and refined fuels to the lowest level for almost a year.
