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Commodity Mid Session News

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(21 Mar 2025, 14:46)

Crude oil stays supported ahead of weekend

WTI Crude oil futures climbed above $68 per barrel on Friday, set for their second straight weekly gain of almost 2%, as fresh US sanctions on Iran and new OPEC+ output cuts fueled supply concerns. WTI futures rose to $68.17 per barrel, while Brent also advanced. The US Treasury imposed new sanctions targeting an independent Chinese refiner and entities supplying Iranian oil. Meanwhile, OPEC+ announced new monthly cuts of up to 435,000 bpd until June 2026 to offset excess production. Geopolitical tensions added to the support, with Israel launching a fresh ground operation in Gaza and the US continuing airstrikes on Iran-backed Houthis. MCX crude oil futures for April delivery traded slightly lower at Rs 5894 per barrel.
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