Remained in range as the start of U.S. President Donald Trump's tariff hike on $200 billion of Chinese goods kept tensions high in the trade dispute between the world's two biggest economies. U.S. President Donald Trump issued orders for the tariff increase, saying China "broke the deal" by reneging on previous commitments.
He also said he would start the "paperwork" on Friday for 25% duties on a further $325 billion of Chinese imports. Prices were supported by tighter supply amid continuing production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and U.S. sanctions on Iran and Venezuela. Growing trade between the world's two largest oil consumers could affect oil demand. The two countries together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency shows.
The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers last year, though it allowed Tehran's biggest buyers to continuing purchasing oil via waivers for another six months. Meanwhile, efforts by OPEC to crimp supply to reduce global inventories have also supported prices. Markets have been buoyed further by expectations that oil demand will rise in 2019.
The U.S. Energy Information Administration expects global appetite for oil to rise by 1.4 million barrels per day this year. Crudeoil on MCX settled down -0.02% at 4326, technically market is under fresh selling as market has witnessed gain in open interest by 6.99% to settled at 11543 while prices down -1 rupees, now Crudeoil is getting support at 4302 and below same could see a test of 4279 level, And resistance is now likely to be seen at 4355, a move above could see prices testing 4385.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
or visit http://www.ways2capital.com
✆ - 0731-2428906 | Toll Free - 1800-123-2353
Give a Missed Call for Free Trial - 09699997717
No comments:
Post a Comment