Oil Dilemma
India’s growing fuel demand and its call for increased oil output from OPEC+ reflect the country’s evolving energy needs.
Oil prices rose on Friday, as turmoil in the Middle East underpinned the market.
The West Texas Intermediate for November delivery on Friday increased $0.85 to settle at $51.45 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose $0.92 to close at $57.17 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
US President Donald Trump announced on Friday that he had decided to decertify Iran’s compliance with the landmark deal reached in 2015.
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“I am announcing today that we cannot and will not make this certification,” Trump said at the White House as he unveiled a new Iran strategy of his administration.
Analysts said unrest in the Middle East and possible US action on the Iran nuclear deal boosted the oil prices, as traders feared geopolitical tensions could cut off oil exports from the region.
On the data front, the number of rigs operating in US oil fields fell by 5 to a total of 743 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.
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