MCX LIVE PRICE
MCX LIVE PRICE
By Henning Gloystein
SINGAPORE (Reuters) – Oil prices hit 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.
Despite the move by Washington, analysts said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.
U.S. West Texas Intermediate (WTI) crude futures marked their strongest since October 2018 at $65.10 per barrel, up 0.8 percent from their previous settlement.
The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to continue importing limited volumes.
Prices of the safe-haven gold failed to sustain early-session gains following news that the U.S. will end Iran sanctions waivers.
for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2%, at $1,275.45 per ounce by 1:33 AM ET (05:33 GMT).
White House has decided not to extend waivers for all oil buyers that previously allowed them to purchase of some Iranian crude, according to a statement.
The announcement stoked risk aversion and sent prices of the precious metal up initially.
U.S. Secretary of State Mike Pompeo said the decision to end the waivers was “dramatically escalating our pressure campaign in a calibrated way that meets our national security objectives while maintaining well-supplied global oil markets”.
The Trump administration’s objective, Pompeo said, was to prompt Iran to renegotiate the international agreement halting its pursuit of nuclear weapons, halt its ballistic missile tests and end its support for terrorist groups
Spot Gold prices ended marginally lower by 0.03 percent at $1274.7 per ounce. Prices recover post Easter Holiday after hitting its lowest levels since December 2018 over falling equities and rising crude prices. Gold is closely correlated to crude as the yellow metal is often used to hedge against oil-led inflation. Oil rose in yesterday’s trading session as U.S. planned to impose more sanctions on Iranian oil which supported Gold prices. As per reports from U.S. Commodity Futures Trading Commission (CFTC), speculators increased their net short position in COMEX gold last week which capped gains for Gold.
Dollar rises over robust U.S. economic data which might in turn pressurise Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.06 percent at $1276.85 per ounce.
Symbol Opening Price LTP
Gold :: 31606 31602
Silver :: 37419 37418
Crude Oil :: 4599 4605
Copper :: 446.05 447.85
Nickel :: 874.30 876.20
Lead :: 134.40 134.30
Zinc :: 225.80 225.85
Natural Gas :: 176.50 176.70
Aluminium :: 150.45 150.25
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India hopes the U.S. will allow its allies to continue to buy some Iranian oil instead of halting the purchases altogether from May, a source familiar with U.S.-India talks said on Monday.
The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest for 2019 so far.
“They (the U.S. administration) have to take care of their allies, strategic partners. Under sanctions from the beginning, there was talk of a gradual reduction and not going to zero on one stroke,” said the source, who did not wish to be identified due to the sensitivity of the issue.
India, Iran’s biggest oil client after China, has almost halved its Iran oil purchase since November. That was when Washington granted significant reduction exceptions (SREs) from sanctions to countries, including India.
“Under SREs we hope they will give us relaxation and allow us to buy some Iranian oil,” the source added.
Indian refiners have not yet placed orders to lift Iranian oil in May, pending clarity on whether Washington will extend the sanctions waiver.
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Oil prices jumped on Monday as the United States looked set to announce that all buyers of Iranian oil must end their imports or be subject to sanctions.
Brent crude futures rose as much as 3.3 percent to $74.31 a barrel, the highest since Nov. 1, before easing back to $73.62 by 0647 GMT, which was still up 2.3 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures climbed by as much as 2.9 percent to $65.87 per barrel, the most since Oct. 31. They were at $65.41 at 0647 GMT, up 2.2 percent from their previous settlement.
News that the United States is preparing to announce on Monday that current buyers of Iranian oil would no longer be given waivers to sanctions was first reported on Sunday by the Washington Post.
Secretary of State Mike Pompeo will announce “that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate”, a columnist for the newspaper said, citing two State Department officials that he did not name.
A person familiar with the situation confirmed to Reuters that the report was accurate, although a State Department spokesman declined to comment.
“Should Iran’s sanction waivers indeed be lifted, that could boost oil prices towards the $80 per barrel mark,” said Han Tan, analyst at futures brokerage FXTM.
Prior to the re-imposition of sanctions, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at almost 3 million barrels per day (bpd), but April exports have shrunk well below 1 million bpd, according to ship tracking and analyst data in Refinitiv.
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