Oil markets jumped on Monday morning hours on concerns over potential renewed U.S sanctions against Iran and conflict in Iraq. Crude oil rose Rs 48 to Rs 3,358 /barrel at the futures market today, since speculators indulge in generating speculative positions, taking positive cues from Asian markets. Brent crude futures were at USD 57.82, up 1.1%, from the previous close.
At the MCX, crude oil for delivery in Oct’ was trading higher by Rs, 48 or 1.45% at Rs 3,358 /barrel in a business turnover of 6293 lots. Similarly, the oil for delivery in Nov gained Rs 48 or 1.44% to Rs 3,386 / barrel in 809 lots. Meantime, WTI gained 0.80% to USD 51.86, while global benchmark Brent was up 1.07% at USD 57.78 a barrel.
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