Crude Oil Up On Tightening Supplies, Rising ME Tensions

Crude oil futures were trading higher during the afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity amid tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar.

Besides, signs of falling OPEC supplies, too influenced the crude oil prices. According to the media reports, Saudi Arabia as well as the UAE, Egypt, and Bahrain cut ties with top liquefied natural gas (LNG) and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,087 per barrel, up by 0.19 per cent, after opening at Rs 3103, against a previous close of Rs 3081. It touched the intra-day high of Rs 3119.

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Suhani Verma

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