CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 23 SEPTEMBER 2019
Energy Preview: WTI Crude Consolidates Just Under $60 Per Barrel Levels
WTI Crude oil futures stayed supported just under $60 per
barrel. Repair work is currently going on at two Saudi Aramco oil facilities
after recent attacks. Crude oil markets will certainly continue to react to new
information coming out about the drone attacks on Saudi Aramco Abqaiq in the
days and weeks ahead, but this disruption and the resulting changes in global
crude oil prices will influence US retail gasoline prices, the US Energy
Information Administration (EIA) noted in the latest update yesterday. On
Saturday, September 14, 2019, an attack damaged the Saudi Aramco Abqaiq oil processing
facility and the Khurais oil field in eastern Saudi Arabia. The Abqaiq oil
processing facility is the world's largest crude oil processing and
stabilization plant with a capacity of 7 million barrels per day (b/d),
equivalent to about 7% of global crude oil production capacity. Meanwhile, the US
President Donald Trump ordered new sanctions on Iran, triggering fresh
geopolitical worries. This can keep the outlook positive for oil in the near term.
MCX Crude closed at Rs 4172 per barrel, flat on the day in the last session.
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