Crude oil attempts to extend recovery on sustained geopolitical worries

WTI crude oil edged up in Asia today as worries over reopening the Strait of Hormuz weighed on the sentiments. Oil edged up in last session, edging higher from a three-week low as markets eyed a proposed Iran-Oman agreement governing the strategic waterway. US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace. WTI Crude futures ended lower for the week, shedding around 9%. The commodity moved up today and currently quotes at $78.38 per barrel, up 0.30% on the day. MCX Crude oil futures are flat at Rs 7420 per barrel.

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