Free MCX Crude Oil Tips Today: 4705 To 4780 | Neal Bhai Reports

Free MCX Crude Oil Tips Today: Crude Oil yesterday settled up by 2.4% at 4659 after a report from the U.S. National Hurricane Centre that a storm forming over the Western Gulf of Mexico will likely become a cyclone over the weekend raised concerns about possible disruptions in production.

However, traders weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand due to the surge in coronavirus cases in Asia.

However, it is expected that gasoline demand will see a surge in the U.S. and Europe thanks to reopening of businesses and the momentum in vaccination drive. According to reports, top policymakers said sanctions prohibiting Iranian oil export could be lifted sometime soon.

The Persian Gulf nation’s president, Hassan Rouhani, said world powers have accepted that major sanctions will be lifted, though details and finer points are still awaited. A report from Baker Hughes said the number of U.S. rigs drilling for oil rose by 4 to 356 this week, increasing for a third straight week.

The total active U.S. rig count climbed by 2 to 455, the report said. Money managers cut their net long U.S. crude futures and options positions in the week to May 18, the U.S. Commodity Futures Trading Commission (CFTC) said.

Free MCX Crude Oil Tips Today: 4705 To 4780

  • MCX Crude Oil Tips Today trading range is 4650—4810
  • Crude Oil rose after a reports a storm forming over the Western Gulf of Mexico will likely become a cyclone raised concerns about possible disruptions in production.
  • However, traders weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand.
  • However, it is expected that gasoline demand will see a surge in the U.S. and Europe thanks to reopening of businesses and the momentum in vaccination drive.

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