Crude oil holds around three-week high, up around 3% this week

WTI Crude oil futures are holding around a three-week high around $85 per barrel as weak US dollar index and sustained worries over the geopolitical front is keeping the undertone positive for the commodity. Focus remains on the Strait of Hormuz as a bulk carrier attempting to cross it was struck by an unknown projectile, according to United Kingdom Maritime Trade Operations. This is the eighth vessel attack in the strait the UKMTO has reported this month. Crude oil up around 3% this week. Oil market is also eying the release of weekly US Crude oil inventories later on today. On MCX, Crude oil futures are trading at 8137 per barrel, up 0.61% on the day. The counter opened higher and hit around Rs 8150 per barrel in morning trades.

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