Crude oil up on renewed production curb from OPEC
31/07/2017
Crude oil futures closed higher in the domestic market on Friday with prices getting a lift from renewed production-curb commitments from OPEC members as well as uncertainty in Venezuela.
Traders showed little reaction as data on the latest number of active U.S. oil rigs revealed a modest increase for the week.Oil traders are also concerned with the possibility of major disruptions to crude supplies from Venezuela, which faces a national vote Sunday to elect a constituent assembly whose job will be to redraft its constitution.At the MCX, crude oil futures for August 2017 contract closed at Rs 3188 per barrel, up by 0.85 per cent, after opening at Rs 3155, against a previous close of Rs 3161. It touched the intra-day high of Rs 3200.
31/07/2017
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Crude oil futures closed higher in the domestic market on Friday with prices getting a lift from renewed production-curb commitments from OPEC members as well as uncertainty in Venezuela.
Traders showed little reaction as data on the latest number of active U.S. oil rigs revealed a modest increase for the week.Oil traders are also concerned with the possibility of major disruptions to crude supplies from Venezuela, which faces a national vote Sunday to elect a constituent assembly whose job will be to redraft its constitution.At the MCX, crude oil futures for August 2017 contract closed at Rs 3188 per barrel, up by 0.85 per cent, after opening at Rs 3155, against a previous close of Rs 3161. It touched the intra-day high of Rs 3200.
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