Category: Commodity Agri

mcx base metals

Crude Oil: Govt eases oil import rules as it seeks to reduce costs

As per Reuters document review, India govt has allowed state refiners to buy 35% of crude oil imports in tankers arranged by the seller, enabling them to speedily tap cheaper cargoes. The action will help refiners in Iran’s second-biggest oil market to increase purchases from alternative sources.

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MCX Crude Oil Tips

Crude Oil posts Weekly Advance, Iran Sanctions Bite into Supply

Crude Oil posted a third weekly gain out of four as Iranian sanctions take center stage, with investors looking the impact on supply.

Futures in New York closed 1.8% up this week. The International Energy Agency (IEA) signaled of higher oil prices amid deepening supply losses in Iran and Venezuela.

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Commodity tips

MCX crude Watch: Crude Oil prices recover some ground

Crude oil futures plummeted more than 2 percent Thursday after a fall from near 2-month highs extended as the IEA (International Energy Agency) stated that the global supplies hit a record of 100 million barrels a day. The IEA also said that daily crude-oil output in the Organization of the Petroleum Exporting Countries increased in August by 4,20,000 barrels a day, to average 32.63 million a day. MCX Crude also plunged sharply, breaking under Rs 5,000 per barrel and coming up to around Rs 4,900 mark.

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