new Delhi. In the US, the decrease in oil rigs, the decline in crude inventory and the reduction in production by Saudi Arabia has resulted in rising crude prices. Brent Crude has reached $ 75.8 a barrel in the international market. At the NYMX, WTI Crude is trading near $ 68.7 a barrel. Experts say that many factors are supporting crude, so that prices can go up to $ 80 a barrel. Oil explorers and gas companies can benefit from this. We are telling you such shares in which experts have advised investment.
Crude was up 5 per cent in one week
In the past one week, prices of WTI and Brent crude have risen more than 5%. The WTI price has increased to $ 68.7 a barrel and Brent crude has risen to $ 75.8 a barrel.
Prices support from these factors
– Angel Broking’s Commemority and Research Vice President Anuj Gupta said that the price of crude is increasing in Saudi Arabia due to the reduction of production, rising demand from the US and trade war.
Meanwhile, Kedia Commodity Director Ajay Kedia says that the reductions in rig’s counts in the US have led to a rise in crude prices. This has reduced inventory in the market. Apart from this, crude has got support from the deadline of the ban imposed by the US on Iran. At the same time, crude inventory decreased by 5.83 million last week.