‘US-Iran tension, output cut pushing crude upwards; target Rs 4,300 for MCX Crude’


‘US-Iran tension, output cut pushing crude upwards; target Rs 4,300 for MCX Crude’

Last week, crude oil prices continued their upward trajectory as US oil producers in the Gulf of Mexico have cut their output by more than half as they prepare for a tropical storm.

Crude oil crossed $60 per barrel for the first time in the last couple of weeks. Oil companies in the Gulf of Mexico had cut output by more than one million barrels per day (bpd), or 53 percent of the region’s production, to brace the impact of tropical storm ‘Barry’.

Prices continued to be buoyant on the back of falling US oil inventories. US crude oil inventories have witnessed drawdowns for four consecutive weeks. Read more

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