CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 17 SEPTEMBER 2019
Energy Preview: Smashing Gains In Oil Push MCX Crude Above Rs 4500 Per Barrel
Crude
oil futures surged after a major drone attack on two Saudi Aramco oil
facilities in eastern Saudi Arabia. A sharp decline in last week which pulled
the WTI futures near one week low of $54 per barrel also acted in favor of the
bulls as traders looked at an immediate squeeze on global crude oil supplies to
the tune of 5%. However, the US President Donald Trump said that he has
authorized releasing oil from the Strategic Petroleum Reserve and this pulled
the WTI Crude lower after the commodity tested around a four-month high of $63.47
per barrel. The counter currently trades at $62 per barrel, down 1.50% on the
day. MCX Crude oil futures are trading at Rs 4520 per barrel, up 15% on the day
amid a smashing rally.
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