Oil Pices

EIL expects order inflows from Saudi Arabia, UAE and other West Asian markets to accelerate as Gulf nations invest in infrastructure aimed at reducing dependence on the Strait of Hormuz

MCX Crude Oil on the daily chart is consolidating within a symmetrical triangle pattern, indicating a phase of compression after the recent volatile swings

Brent crude futures rose 83 cents, or 0.8%, to $109.86 a barrel by 0012 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7%, to $106.46 a barrel

Oil prices settled around 4% higher on Tuesday as the US banned Russian oil imports and Britain said it will phase them out by year end

Another possible rate increase from Federal Reserve by mid-year may boost dollar, impact oil prices