Crude oil prices gain 1.5% overnight as tensions continue to escalate in West Asia. Manisha Gupta brings us the details.
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Coming in from the Commodities Arena Manisha well thank you so much for that mangalam there are exactly five reasons that you have the crude oil prices rebounding yet again by more than a percentage point in the overnight markets if you look at the price gains
Itself we have seen nearly 3% of gain on the weekly basis and for the month of January until now we are up by nearly 9% in case of crude oil prices well it has been about the higher global economic grth estimates coming in from the international monetary fund that has led
Some support to various International Commodities there apart from that it has to do with the escalating tensions within the Middle East and third is the US reimposing sanctions on Venezuela which will now lead to lower output and lower expects coming exports coming in from that OPEC member is what is also
Supporting the markets Saudi aramco also says that as per the information from the ministry of oil and energy in Saudi Arabia now the sustainable capacity is only going to be capped at 12 million barrels per day earlier there were estimates of 13 and more so we are
Looking at a capping coming in in sense of capacity of production in case of oil from Saudi aramco as well and then when you look at the US crude inventories well we have seen a decline of that by 2.5 million barrels as well in the previous week itself that means that the
Demand in US seems to be picking up so all of these factors clearly have been supportive for the crude prices after yesterday’s gains well there have been some profit taking as we can see on our screens but it’s all going to be about the fomc meeting announcement today the
Guidance that is going to be for until the next meeting is what the street will watch out for and the second thing is going to be the opic and allies first meeting of this year that happens on 1st of Feb so between these two events you can expect the crude oil prices to
Continue to be quite jittery know what it is with global Regulators governments you know major trade bodies everybody’s congregating around this 31st first right including OPEC so Manisha there we go we’ve added one more to our calendar what to watch out for over the next 24
Hours thank you so much for the updates there on the crude markets let’s uh now move on and uh get
