Crude oil rises as Saudi, Nigeria to limit output
25/07/2017
Crude oil futures closed higher in the domestic market on Monday as news that Saudi Arabia has pledged to lower crude exports and Nigeria plans to limit its production sent prices higher for the first time in three sessions.Saudi Arabia, which is the world’s largest oil exporter, agreed to limit its exports at 6.6 million barrels a day, while Nigeria also committed to taking part in production cuts if it reaches a production level of 1.8 million barrels a day.Nigeria and Libya have seen their own output rebound faster than expected. The two OPEC members have been exempt from the production-cut deal as their output recovers from years of civil unrest.At the MCX, crude oil futures for August 2017 contract closed at Rs 2996 per barrel, up by 1.05 per cent, after opening at Rs 2965, against a previous close of Rs 2965. It touched the intra-day high of Rs 3003.
25/07/2017
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Crude oil futures closed higher in the domestic market on Monday as news that Saudi Arabia has pledged to lower crude exports and Nigeria plans to limit its production sent prices higher for the first time in three sessions.Saudi Arabia, which is the world’s largest oil exporter, agreed to limit its exports at 6.6 million barrels a day, while Nigeria also committed to taking part in production cuts if it reaches a production level of 1.8 million barrels a day.Nigeria and Libya have seen their own output rebound faster than expected. The two OPEC members have been exempt from the production-cut deal as their output recovers from years of civil unrest.At the MCX, crude oil futures for August 2017 contract closed at Rs 2996 per barrel, up by 1.05 per cent, after opening at Rs 2965, against a previous close of Rs 2965. It touched the intra-day high of Rs 3003.
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