MCX Service- Crude oil prices are likely to increase

Crude oil prices are likely to increase.

MCX Service

Due to full sanctions from Iran on Iran’s oil exports to the US, there is an increase in the prices of oil prices due to fear of a shortage of supply in the market and non-American drilling for new production. According to Baker Hughes, US oil companies have reduced the number of oil rigs in the last week and the total rig has decreased to 860. Since May, the number of American oil rigs has not increased. Prices of crude oil prices may be hiked at Rs 4,840 and level of Rs 4,900. In August, China’s crude oil imports increased 6.5%.

Prices of natural gas futures are likely to be limited and prices can be hindered at the level of Rs 198 at Sahara and Rs 204 level. After estimating the low temperature, the price of American natural gas futures has fallen to a one-month low on the assumption that the demand for gas decreases. In the US since June, the temperature remains constant around normal.

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