Crude oil down as traders weigh OPEC meet outcome
21/07/2017
Crude oil futures closed lower in the domestic market on Thursday as traders weighed outcome scenarios for a crucial meeting of some of the world’s biggest producers next week.The Organization of the Petroleum Exporting Countries’ ministerial monitoring committee meeting in Russia is expected to have some non-OPEC members in attendance. The committee monitors compliance with the OPEC-led output-cut agreement and attendees are expected to discuss the possibility of including two previously exempted OPEC members, Nigeria and Libya, into the pact.Accelerating U.S. production is a major threat to the effort led by the Organization of the Petroleum Exporting Countries to tackle a years-old global glut of oil. Output growth from Libya, Nigeria and OPEC members which aren’t part of the group’s production-cut agreement has also been a key concern.
At the MCX, crude oil futures for August 2017 contract closed at Rs 3040 per barrel, down by 0.46 per cent, after opening at Rs 3053, against a previous close of Rs 3054. It touched the intra-day low of Rs 3032.
21/07/2017
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Crude oil futures closed lower in the domestic market on Thursday as traders weighed outcome scenarios for a crucial meeting of some of the world’s biggest producers next week.The Organization of the Petroleum Exporting Countries’ ministerial monitoring committee meeting in Russia is expected to have some non-OPEC members in attendance. The committee monitors compliance with the OPEC-led output-cut agreement and attendees are expected to discuss the possibility of including two previously exempted OPEC members, Nigeria and Libya, into the pact.Accelerating U.S. production is a major threat to the effort led by the Organization of the Petroleum Exporting Countries to tackle a years-old global glut of oil. Output growth from Libya, Nigeria and OPEC members which aren’t part of the group’s production-cut agreement has also been a key concern.
At the MCX, crude oil futures for August 2017 contract closed at Rs 3040 per barrel, down by 0.46 per cent, after opening at Rs 3053, against a previous close of Rs 3054. It touched the intra-day low of Rs 3032.
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