Crude oil near $71 amid Middle East tensions

Crude oil near $71 amid Middle East tensions

Crude oil futures rose toward $71 per barrel, reaching a near one-month high as Middle East tensions escalated. Irans missile attack on Israel sparked concerns over potential disruptions in oil supply from the region, which accounts for a third of global production. Despite the tension, EIA data showed a 3.89 million barrel increase in U.S. crude inventories and weak gasoline demand. OPEC+ plans to restore some halted capacity starting in December, further easing concerns. MCX October delivery oil futures were up by Rs 57, trading near Rs 6000.

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