Crude oil prices hit a fresh five-month high on Tuesday after the Trump administration decided not to extend the waiver that it had granted to India and seven other countries on Iranian oil imports beyond the May 2 deadline.
Analysts say crude prices may rise to the $80-85 range in the short term, but it remains to be seen if such a rally can sustain for long.
On Tuesday, Brent futures for June delivery traded 0.6 per cent higher at 74.51 a barrel, up 37 per cent from the 31 price of $54.57 a barrel.31 price of $54.57 a barrel. Read More
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