Crude MCX Tips Above 4910 Buy 100—200—500 Lots and So Jaao Target Open – Neal Bhai Reports
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Crude Prices jumped as dozens of U.S. oil and gas platforms in the Gulf of Mexico were shut in anticipation of tropical storm Gordon hitting the region. But the storm was shifting eastward late on Tuesday, reducing its threat to producers on the western side of the Gulf and most Gulf Coast refineries.
Innes said the price outlook for crude was still bullish, in large part because of U.S. sanctions targeting Iran’s oil sector from November. Information provider Genscape reportedly said U.S. crude inventories at Cushing had risen in the week, according to traders. Stockpiles at the hub rose by 0.754 million barrels from Aug. 24 to Friday.
The prospect of rising domestic supplies comes against a backdrop of fears that global supplies are set to come pressure amid signs that Iran’s oil exports are facing pressure ahead of U.S. sanctions slated for early November.
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