WTI Crude soars above $94 per barrel in Asia as supply worries stay in place

WTI crude oil futures surged in Asia today as US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz. The commodity had slipped around 2% in last session but currently trades up 1.84$ at $94.10 per barrel, holding around one-week high. Oil lost around 4% in last week but the momentum is positive as prices managed to end the week above $90 per barrel mark. There is also a pick up in US crude oil imports in recent weeks and the commodity is up around 10% this month. MCX Crude oil futures are up 2.14% at Rs 9037 per barrel after hitting high above Rs 9100 per barrel mark in early trades.

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