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Crude oil prices jump on rising Middle East tension; WTI reclaims $70/bbl-mark

The black gold has been trading higher than 5, 100 and 200 days' moving averages but lower than the 20 and 50 day’s moving averages on the daily chart.

Mumbai / August 06, 2021 / 05:18 PM IST
The rising Middle East tensions come as a nuclear talk between Iran and Western powers that would ease sanctions on Tehran’s oil exports appear to have stalled.

The rising Middle East tensions come as a nuclear talk between Iran and Western powers that would ease sanctions on Tehran’s oil exports appear to have stalled.

Crude oil prices traded higher on August 6 and recouped some of the losses suffered earlier in the week on rising Middle East tensions but were on track for a weekly decline. However, the upside was capped as fresh restrictions were imposed by nations to curb the spread of Delta variant of coronavirus cases that threatened recovery in fuel demand.

The energy commodity extended gains to trade at the day’s high after a gap-up start, tracking the firm global trend.

On the MCX, crude oil delivery for August rose Rs 71, or 1.39 percent, to Rs 5,193 per barrel at 16:23 hours IST with a business turnover of 5,905 lots. The delivery for September soared Rs 66, or 1.29 percent to Rs 5,182 per barrel with a business volume of 729 lots.

The value of August and September’s contracts traded so far is Rs 668.46 crore and Rs 22.45 crore, respectively.