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Crude oil prices may spike again if Middle East tensions flare-up, says Emirates NBD

Updated : January 09, 2020 03:31 PM IST

Emirates NBD Securities on Thursday said crude oil prices may increase again if Middle East tensions flare-up.

In an interview CNBC-TV18, Dharmesh Bhatia, commodities market manager, said, "We have seen sharp rally and again a decline. But eventually, the market has stabilised and I am expecting the market to hold. Yesterday, it almost corrected $4 after Donald Trump’s update. So, the market should consolidate a little bit."

"In the Indian market, you can expect volatility to continue and maybe profit booking on the weekend can be seen. So, I am expecting at least Rs 50-100 again market should spike up with the data," he added.

On metal prices, Bhatia said, "I am still bullish on the base metal pack, especially on the copper side. Last week also, we had mentioned that copper will rally and it did. But I am expecting the market to head towards 2019 high which was around 466-465."
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