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How crude oil is traded and why the prices are on the rise

Rising crude oil prices have impacted both domestic and global markets. The S&P BSE Oil and Gas Index has lost nearly 11 percent YTD

September 18, 2018 / 02:10 PM IST

Ruchira KondepudiMoneycontrol News 

Crude oil prices have been rising over the past couple of months due to US sanctions on Iranian crude oil exports, higher demand and decreasing output from Venezuela.

The price of Brent crude is currently hovering around $78 /bbl, inching towards the $80/bbl mark (May-high).

As a result, prices of petrol and diesel have been on the rise back home also. In India, oil companies set fuel prices on a daily basis.