Commodity Tips:- Crude Oil Futures Edge Higher On Monday

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Crude oil futures edged higher on Monday rebounding to four year highs despite signs that Iran will nix the extension of OPEC’s supply quota plan with Russia. Iran’s oil minister Bijan Zanganeh, said that if oil prices continued to rise, there will be no need to extend the OPEC/non-OPEC production deal beyond the end of 2018. The prices also jumped on report that a Saudi-led air strike killed the head of the Houthi rebels in Yemen raised the potential for disruptions to the flow of crude in the Middle East. The fear of geopolitical risk, and the reality that supply will tighten again this week, brought the market back.

 

Benchmark crude oil futures for June delivery gained 24 cents or 0.4 percent to settle at $68.64 a barrel on the New York Mercantile Exchange. June Brent crude jumped 65 cents or 0.9 percent to settle at $74.71 a barrel on London’s Intercontinental Exchange.

 

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