Crude oil rises on decline in US crude supply
23/06/2017
Crude oil futures closed higher in the domestic market on Thursday as a second weekly decline in U.S. crude supplies helped prices recoup some of their recent losses. The biggest headwind for the market remains the steady trend of rising U.S. oil output as it is offsetting the efforts of global production-cut agreement, and at the same time damaging morale among [the Organization of the Petroleum Exporting Countries] producers who are actively forfeiting market share to the U.S.
At the MCX, crude oil futures for July 2017 contract closed at Rs 2779 per barrel, up by 1.39 per cent, after opening at Rs 2756, against a previous close of Rs 2741. It touched the intra-day high of Rs 2813.
23/06/2017
Crude oil futures closed higher in the domestic market on Thursday as a second weekly decline in U.S. crude supplies helped prices recoup some of their recent losses. The biggest headwind for the market remains the steady trend of rising U.S. oil output as it is offsetting the efforts of global production-cut agreement, and at the same time damaging morale among [the Organization of the Petroleum Exporting Countries] producers who are actively forfeiting market share to the U.S.
At the MCX, crude oil futures for July 2017 contract closed at Rs 2779 per barrel, up by 1.39 per cent, after opening at Rs 2756, against a previous close of Rs 2741. It touched the intra-day high of Rs 2813.
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