Oil prices rise as US sanctions against Iran’s crude exports emerge

Commodity tips

MCX Crude Oil TipsCrude Oil prices soared on Friday, since trader’s attention focused on US sanctions against Iran’s crude exports that starts next month to tighten global markets.

The gains helped recover some of the losses from the last session on account of looming US inventories and after Russia and Saudi Arabia said they would raise output to some extent make up for expected disruptions from Iran.

Brent crude oil futures were at USD 84.98 per barrel in early trade, up 0.5 percent from their last close. US WTI crude futures were 0.7%, at USD 74.83 a barrel.

crude oil futures globally scaled back after recent gains in view of Russia and Saudi Arabia would raise crude output. DOW fell around 200 points and pulled WTI Crude off its 4-year high. The counter currently trades at USD 74.73 per barrel, up 0.54% on the day. Crude oil futures ON Multi Commodity Exchange closed at Rs 5,515 per barrel, down 2.30% on the day.

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