Energy Preview: Crude Looks Supported On Iran Concerns

Sentiments continue to be supported for global Crude oil market after the US warned that it is set to impose the strongest sanctions in history on Iran. This should keep the oil market tense in near term after prices hit their four year highs. WTI Crude is currently trading at $ 72 per barrel, down 0.30% following the last night’s correction in US stocks and the weakness in Asian markets. MCX Crude oil closed largely unaltered at Rs 4833 per barrel yesterday and should see a rangebound trade today.

Meanwhile, the domestic Crude oil production during April 2018 was 2915.00 TMT which is 1.44% higher than monthly target but 0.83% lower than the production achieved in April 2018. Crude oil production by ONGC during April, 2018 was 1777.33 TMT which is 1.36% higher than the monthly target but 3.78% lower when compared with April, 2017.