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MCX crude oil outlook: Prices may trade at Rs 7100-8200/bbl next week, US-Iran nuclear deal in focus

By Bhavik Patel WTI Crude Oil has recovered from $86 to $93 after Saudi Arabia said it will curtail production if the US-Iran deal goes through. The deal will bring 1 million bpd oil to the market and before 17th Aug, crude was in free fall on fear of demand destruction because of looming recession and progress on US-Iran deal. There is tightness in the market but now as much as the market had anticipated when the West boycotted Russia and their oil. Russian oil which was flowing to Europe and is now flowing to Asia while Middle East oil …

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