Crude oil futures end modestly higher on Thursday

Crude oil futures ended with modest gains on Thursday, as calmer heads prevailed in the wake of the U.S. decision to exit the Iran nuclear pact.

Various news reports on Thursday said Iranian Oil Minister Bijan Zanganeh told that nothing noteworthy will happen to oil exports after the Iran sanctions.

Moreover, a sign of a further rise in U.S. crude stockpiles and a wind-down period ahead of the start to sanctions on Iran also helped to calm concerns about the risks to the flow of crude in the Middle East.

Benchmark crude oil futures for June delivery gained 22 cents or 0.3 percent to settle at $71.36 a barrel on the New York Mercantile Exchange. 

July Brent crude jumped 26 cents or 0.3 percent to settle at $77.47 a barrel on London’s Intercontinental Exchange.

Commodity MCX live Price

Read More

Crude oil futures settle above $71 on Iran anxiety

Extending rally for yet another day, Crude oil futures edged higher on Wednesday, hitting three and a half year high, buoyed by expectations that the U.S. decision to pull out of the Iran nuclear deal and re-impose sanctions will disrupt the flow of crude in the Middle East.

The rally was also supported after a government report released on Wednesday revealed the first decline in U.S. crude supplies in three weeks. The Energy Information Administration (EIA) reported a draw of 2.2 million barrels in U.S. crude oil inventories. That is a much bigger drop in inventories than expected. Gasoline inventories also fell more than 2 million barrels.

Benchmark crude oil futures for June delivery jumped by $2.08 or 3 percent to settle at $71.14 a barrel on the New York Mercantile Exchange. July Brent crude gained $2.36 or 3.2 percent to settle at $77.21 a barrel on London’s Intercontinental Exchange.

Commodity MCX live Price

Read More