On Tuesday the crude oil markets have rallied again during the trading session, as we continue to celebrate the idea of a Covid vaccine. That being said, we are way ahead of ourselves as we are months away from this vaccine being released, and of course we still have the massive headwind of oversupply.
Relations between the two significantly soured after oil tankers were attacked in the Gulf of Oman, followed by accusations by the US – with Saudi Arabia agreeing – that Iran was behind the attack. Officials in Tehran denied their involvement in the attack. Adding proverbial fuel to the fire, an unpiloted United States drone was recently shot down by Iranian military after the aircraft wandered into their airspace.
In futures trading on the Multi Commodity Exchange, crude for delivery in May contracted fell by Re 1, or 0.02 percent, to Rs 4,311 per barrel in a business volume of 18728 lots.