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Crude oil futures rises to Rs 5,844 per barrel on US-Iran tensions

SUMMARY

AI Generated Content
  • Crude oil prices rise Rs 44 to Rs 5,844
  • Global benchmarks up amid US-Iran tensions
  • Supply disruption fears push prices higher
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WHAT'S THE STORY?

New Delhi, Feb 11 (PTI) Crude oil prices edged up Rs 44 to Rs 5,844 per barrel in futures trade on Wednesday, tracking gains in global benchmarks amid escalating geopolitical tensions between the US and

Iran which raised concerns of potential supply disruptions.

On the Multi Commodity Exchange (MCX), crude oil for February delivery rose Rs 44, or 0.76 per cent, to Rs 5,844 per barrel in a business turnover of 12,586 lots.

Similarly, the March contract traded higher by Rs 30 or 0.52 per cent at Rs 5,838 per barrel in 580 lots.

In the international market, West Texas Intermediate (WTI) crude for March contract was trading 0.56 per cent higher at USD 64.32 per barrel, while Brent crude rose 0.48 per cent to USD 69.13 per barrel in New York.

Brokerage firm Kotak Securities, in a market note, said crude oil prices surged to around USD 64 per barrel, supported by escalating concerns over a potential US-Iran confrontation.

There were reports that the US is considering seizing tankers carrying Iranian crude and could deploy additional naval assets (aircraft carrier strike group) to the region, if negotiations over Tehran's nuclear programme fail.

Market experts said uncertainty over Iran prompted traders to price in a risk premium on crude, as any military escalation could disrupt oil supplies from the region.

These geopolitical tensions outweighed the bearish impact of the latest American Petroleum Institute (API) report, which showed a "sharp build" of 13.2 million barrels in US crude inventories, Kotak Securities said.

An expert said "crude oil prices also found support from speculation over higher fuel consumption in China during the upcoming Lunar New Year holiday period". PTI DR HG ANU

ANU

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