Oil prices rise on fears of OPEC production cuts

At around 10.20 a.m., Brent’s October contract on the Intercontinental Exchange was trading at $100.13 a barrel, up 0.80% from its previous close. Similarly, West Texas Intermediate (WTI) October contract on the NYMEX rose 0.88% to $93.33 a barrel.

Demand expectations pick up as the latest ‘TomTom Congestion Index data’ for Asia Pacific, European and North American shows strong growth in traffic levels across all regions for the week ended August 24 .

Ravindra Rao, Head of Commodity Research, said, “NYMEX crude traded above $93/bbl backed by tadka in the US dollar and gains in equity markets as China’s continued efforts to support the economy and US-China Risk sentiment has improved amid progress in talks. Kotak Securities said:.

Crude oil has also been supported by a steady rise in electricity prices in Europe, which could lead to increased fuel swaps, he said.

The rise in oil prices on Thursday comes after a slump as investors anticipated a return to accepted Iranian oil exports to global markets.

Vice President Rahul Kalantri said, “Negotiations are on between the EU, the US and Iran to revive the 2015 nuclear deal, with Iran asking the US for the EU’s ‘final’ text to revive the deal.” Got a response.” For Commodities at Mehta Equities: “We expect crude oil prices to remain volatile in today’s session.

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