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Crude oil near $71 amid Middle East tensions

Crude oil futures rose toward $71 per barrel, reaching a near one-month high as Middle East tensions escalated. Irans missile attack on Israel sparked concerns over potential disruptions in oil supply from the region, which accounts for a third of global production. Despite the tension, EIA data showed a 3.89 million barrel increase in U.S. crude inventories and weak gasoline demand. OPEC+ plans to restore some halted capacity starting in December, further easing concerns. MCX October delivery oil futures were up by Rs 57, trading near Rs 6000.

By how much did oil prices rise after the Israel-Iran tensions escalated?

Oil prices rose for a third consecutive day today on Thursday, October 10, 2024, reaching towards $75 a barrel on average, after Israel and the US both vowed at retribution in a potential sign that the conflict could intensify further.

The iCOMDEX Crude Oil index of the Multi Commodity Exchange (MCX) showed oil prices rose to ₹7,749.35 a barrel. This is a 1.32% or ₹101.11 gain.

This comes after the index was at a near two-week low of ₹7,294.35 on September 26, 2024.

International prices for Iran Light as well as Iran Heavy crude rose by well over 1.5%.

Meanwhile, Brent Crude prices rose 1.31% or by $0.97 to $74.87 a barrel, while WTI Crude Oil prices rose 1.48% or by $1.04 to $71.14 a barrel, according to data compiled from Bloomberg.

Brent Crude refers to oil extracted from the North Sea in the Atlantic Ocean in Europe, while West Texas Intermediate (WTI) refers to oil extracted in the US, primarily from Louisiana, Texas, and North Dakota.

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