As per MCX www.crudeoperator.com intraday research Mumbai base company report for :
Oil prices edged up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities,
raising geopolitical tensions between the two nations. Comments by Russian energy minister Alexander Novak that oil producers had cut their
output in accordance with a pact agreed in December also helped support prices. Reuters reported on Thursday that Trump’s administration is
prepared to roll out new measures against more than two dozen Iranian targets following Tehran’s ballistic missile test. Supply concerns were also
raised when Russia’s energy minister said global oil output was cut by 1.4 million barrels per day (bpd) last month as part of the deal last year
between OPEC and other producers. Oil markets have been supported by OPEC and as long as things hold people will look for evidence output
curbs have chiseled away at inventories. Novak also said Russian companies may cut oil production quicker than had been initially agreed with
OPEC and that he expected the market to rebalance by the middle of this year.
raising geopolitical tensions between the two nations. Comments by Russian energy minister Alexander Novak that oil producers had cut their
output in accordance with a pact agreed in December also helped support prices. Reuters reported on Thursday that Trump’s administration is
prepared to roll out new measures against more than two dozen Iranian targets following Tehran’s ballistic missile test. Supply concerns were also
raised when Russia’s energy minister said global oil output was cut by 1.4 million barrels per day (bpd) last month as part of the deal last year
between OPEC and other producers. Oil markets have been supported by OPEC and as long as things hold people will look for evidence output
curbs have chiseled away at inventories. Novak also said Russian companies may cut oil production quicker than had been initially agreed with
OPEC and that he expected the market to rebalance by the middle of this year.
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