Crude oil rises on geopolitical risks 16/10/2017

Crude oil rises on geopolitical risks
16/10/2017
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Crude oil futures closed higher in the domestic market on Friday due to mix of factors, including bullish Chinese data and geopolitical risks from oil-rich regions in the Middle East, particularly in the wake of President Donald Trump’s refusal to certify Iran’s compliance with the nuclear deal.
Trump refused to certify Iran’s compliance with a 2015 international agreement to curb the Islamic Republic’s nuclear program in exchange for economic sanctions relief. The lifting of sanctions at the start of 2016 has allowed Iran to significantly increase its production to around 3.8 million barrels a day. Trump, however, has announced plans for a new strategy in dealing with Iran that include new sanctions on the country. At the MCX, crude oil futures for October 2017 contract closed at Rs 3305 per barrel, up by 0.27 per cent, after opening at Rs 3313, against a previous close of Rs 3296. It touched the intra-day high of Rs 3358.

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