Crude Oil prices rose higher on Friday amid Investors looking to measure the potential impact on supply on Iran’s crude exports. The Brent crude oil futures contract, for December, had risen 0.22% to USD 81.56 per barrel during early trade.
US crude oil inventories, increased by 1.9 million bbl for the week ended Sept. 21, as per data from the USEIA. WTI Crude is hovering marginally on the day at USD 72.25 per barrel. MCX Crude gained 0.60 percent to close at Rs 5,243 per barrel yesterday.
Meanwhile, Saudi Arabia is expected to add extra oil to the market over the upcoming months to offset the fall in Iranian production, but is very much concerned that it might need to limit output next year to stabilize global Commodity supply and demand as the US pumps more crude.