Commodities round-up: Crude oil price off highs
After gaining 30 percent in the last four days, there is some profit-taking coming in crude oil and the reason for profit-taking was the sentiment shift as the Iran nuclear deal seems to be coming to a conclusion and the markets do believe that 1 million barrels per day of export could be coming in from Iran in the global markets.
After gaining 30 percent in the last four days, there is some profit-taking coming in crude oil and the reason for profit-taking was the sentiment shift as the Iran nuclear deal seems to be coming to a conclusion and the markets do believe that 1 million barrels per day of export could be coming in from Iran in the global markets.
Looking at the Brent crude oil, which hit a high of USD 119.7 per barrel and the West Texas Intermediate (WTI), which hit a high of USD 116/bbl, which is 2008 high, markets were ready for some profit-taking there, but the fact being that the US has put sanctions on Russian oil refiners are the markets believe that this correction could be short-lived.
Watch the accompanying video of CNBC-TV18’s Manish Gupta for more details.
First Published: Mar 4, 2022 9:13 AM IST
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