AHMEDABAD (Commodity Online): Crude oil futures extended its northward journey, as Iran issued a threat of pre-emptive strikes against those it considered enemies, intensifying geopolitical tensions.
Iran has cut oil supplies to UK and France. Iran has also informed to increase its buycotts to other European nations, if they continue with their hostile behavior in regard with Iran’s nuclear enrichment program.
Technically, Crude oil futures seem to be in positive mode for near term. Due to optimistic global cues, Crude prices rally looks green from here. In coming trading sessions, MCX Crude future is expected to travel till 5300 conditions to strong support of 5180, said Amrita Mashar, analyst with Commodity Online.
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