new Delhi: Despite the softening of demand this week and in the coming few days Crude oil The price is expected to rise because the prices of oil and gas rigs in the US could help prices. At the same time, the tension between the US and Iran has also created a crisis of supply of oil from the Gulf countries, which led to a sharp rise in crude prices last week. Last week, in the international market, the price of benchmark crude oil Brent crude jumped more than two dollars per barrel.
Oil market analysts show that due to the decline in oil production in the US, there is a possibility of a price hike, so that Brent crude prices can go up to $ 70 a barrel. Angel Broking House deputy vice president (energy and currency research) Anuj Gupta said that due to a decrease in oil and gas wells in the US last week, there is a possibility of oil production going down, which will help crude oil prices.
According to a recent report, the number of oil wells in the US dropped to four in 784 last week. Due to the hurricane season that arises from the Atlantic Ocean in America, oil production has been affected. He said that the tension between the United States and Iran in the Gulf region has worsened the supply of oil, which has continued support for prices.
Gupta said that if there is any progress report about the resolution of trade tension between the US-China, then Brent crude prices could rise above $ 70 a barrel this week. Last September, the Brent crude contract on the International Forward Markets Intercontinental Exchange (ICE) closed 0.54 per cent higher at $ 66.88 per barrel on Friday, while Brent crude prices rose more than two dollars per week on a weekly basis. done.
At the same time, the August delivery futures of US Light Crude West Texas Intermediate (WTI) closed at a record high of $ 60.37 a barrel, up 0.28 percent from the previous session. Indian futures market Multi Commodity Exchange (MCX) crude oil contract jumped by nine rupees to close at Rs 4,141 per barrel on Friday, but on weekly basis, oil prices have risen more than 200 rupees per barrel.