Oil Prices Set for Higher Stakes Amid Ongoing US-Iran Talks
Crude oil prices are expected to remain high due to ongoing uncertainty surrounding US-Iran negotiations. The recent talks in New York produced limited progress, with President Donald Trump rejecting Tehran's proposal to reopen the strategic waterway.
The President is reportedly considering sanctions relief for Iran and unfreezing of funds if meaningful progress is made towards a nuclear agreement. Improved oil flows from Saudi Arabia would limit any major up move in oil prices.
NYMEX crude oil in November future is expected to move higher towards $97 mark as long as it holds above $91. MCX Crude oil October is expected to hold above Rs8700 and rise towards Rs9200 level.