Best Commodity Tips : Crude Oil Boom Fears Of Supply Disruption

Rudra Investment expert says Best Commodity Tips Crude oil prices have risen. The price of Brent crude reached around 85 barrels with the strength of 6 cents, while the price of WIT crude remained marginally upwards of $ 75 a barrel.

 Crude oil prices in the overseas market have reached the highest level since November 2014. Since August this year, Brent has hiked the price of 20% and WTI crude for 17%. On Wednesday, the price of crude oil was trading at Rs 5505 with a modest increase of 0.07 percent on MCX on MCX-MCX.

Businessmen say that the US sanctions imposed on Iran will be effective from 4 November. Due to this, the fears of supply disruption in the crude oil market remains intact.

Meanwhile, the Rudra Investment expert has said that in the last week, commercial crude supplies in the US increased 9 million 7 thousand barrels. Because of this, there has not been much increase in the prices of crude oil. At the same time, the stock of refinery crude dropped 1 lakh 58 thousand barrels per day. The official figures of crude oil stocks in the US will come today.

Best Commodity Tips expert says, "Oil prices are increasing at the high levels because the currency of emerging countries has declined. The possibility of OPEC's increase in production on the side of the members can lead to a sharp decline in prices.