A fine balance struck between the Middle East conflict, concerns about global demand and rising supply from producing countries has helped crude oil on a slippery ground with a marginal turnaround.
Oil prices edged up on January 9, partially recovering from the decline in the previous session. Brent crude futures increased by 18 cents, reaching $76.30 a barrel, representing a 0.2 percent rise, while the US West Texas Intermediate (WTI) crude futures saw a gained 0.1 percent, or 6 cents, to $70.83 a barrel. The two crude oil benchmarks lost more than 3 and 4 percent on January 8 following significant price cuts by top oil exporter Saudi Arabia, and an increase in output by the Organization of Petroleum Exporting Countries (OPEC). Catch Manisha Gupta in conversation with Ajay Kedia, MD, Kedia Advisory with more details.
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