Free Commodity Tips: Crude Oil At A Height Of 5 Months

According To Free Commodity Tips Expert, Crude oil prices in the international market reached a 5-month high. This is the first time since November last year when Brent crude and WTI crude prices have reached this height. On Monday, Brent crude jumped nearly half a barrel to $ 71 a barrel. US West Texas Intermediate (WTI) crude was trading 0.60 percent and was trading around $ 63.50 a barrel. This year, Brent has seen a 30 percent jump, while WTI has also increased 40 percent.

Talking about the domestic market, around 12 o'clock in the afternoon, crude oil futures on MCX was trading at Rs 4413 with an increase of 1.17 percent.

Share market analysts Free Commodity Tips Expert say that crude oil prices are on the rise due to continuing to cut supplies to member countries of OPEC. Last year, OPEC had announced 12 million barrels per day (BPD) cut in supply, which is still going on.

Apart from this, due to US sanctions on Iran and Venezuela, crude oil supply has come down. Because of this, crude oil has a steady enlargement trend. Due to US sanctions, Venezuela's estimated crude oil production is estimated to be 5 million barrels per day. On the other hand, due to the sharp increase in employment figures in the US last week, it has strengthened the fact that the fear of lethargy in the US economy has come down. Due to this, the demand for crude oil is being seen as a sign of the increasing trend.