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As on: Jul 18, 2019 10:34 AM
Energy Preview: WTI Crude Soars Near $61 Level
12-Jul-19   09:24 Hrs IST
Crude oil futures soared further as geopolitical tensions resurfaced and a strong upmove in global equities kept the sentiments supported for commodities. Media reports stated that three Iranian boats attempted to impede a British oil tanker in the Gulf, further deepening tensions in the vital shipping channel off Iran.The incident took place in the Strait of Hormuz through which the commercial vessel, British Heritage, was attempting to pass on Wednesday. Contrary to international law, three Iranian vessels attempted to impede the passage of a commercial vessel, British Heritage, through the Strait of Hormuz, UK's Ministry of Defense noted in a statement. This being a potentially critical area for global oil supplies, prices were quick to respond and the WTI Crude futures extended their break above $60 per barrel. The counter hit a six week high near $61 per barrel and currently trades at $60.58 per barrel, up 0.63% on the day. MCX Crude oil futures are quoting at Rs 4126 per barrel, up 0.26% on the day.

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