Synopsis According to a report by Platts, Iran has already been ramping up oil production, with its total output reaching 2.43 million barrels per day in April, up by 1,30,000 barrels per day from March and the highest since May 2019. Related BofA expects crude oil to reach $100/barrel level next year Crude oil futures jump on firm spot demand Agricultural commodities off bullish path. Where are they headed? Commodity Summary MCX CRUDEOIL NYMEX WTI crude oil prices gained 36 per cent between October to December last year (from $35 to $48 a barrel), and 23 per cent between January to March this year (from $48 to $60). In the financial year 2020-21, NYMEX crude oil prices recovered from a trough to soar more than 197 per cent from $20 per barrel in April 2020 to $60 per barrel in March 2021, mainly supported by various factors such as global stimulus packages, lower interest rates by central banks around the globe, weakness in the dollar and production cuts by the Organization of the Petroleum Exporting Countries (OPEC). Subsequently, WTI crude touched a high of $70.62 per barrel (Rs 5,150) on June 9, supported by factors such as post-Covid demand from… Read full this story
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Will Iranian supply change the course of oil prices? have 218 words, post on economictimes.indiatimes.com at June 21, 2021. This is cached page on GameMax. If you want remove this page, please contact us.