Crude oil rises as US crude stockpiles decline
20/07/2017
Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data showed a sizable decline in U.S. crude stockpiles for a third week in a row. The latest petroleum supply report comes ahead of the Organization of the Petroleum Exporting Countries’ ministerial monitoring committee meeting in Russia that’s 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. At the MCX, crude oil futures for July 2017 contract closed at Rs 3038 per barrel, up by 2.19 per cent, after opening at Rs 2982, against a previous close of Rs 2973. It touched the intra-day high of Rs 3039.
20/07/2017
Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data showed a sizable decline in U.S. crude stockpiles for a third week in a row. The latest petroleum supply report comes ahead of the Organization of the Petroleum Exporting Countries’ ministerial monitoring committee meeting in Russia that’s 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. At the MCX, crude oil futures for July 2017 contract closed at Rs 3038 per barrel, up by 2.19 per cent, after opening at Rs 2982, against a previous close of Rs 2973. It touched the intra-day high of Rs 3039.
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