Crude oil dips as OPEC production rises
02/08/2017
Crude oil futures closed lower in the domestic market on Tuesday on signs of a pickup in production by Organization of the Petroleum Exporting Countries. Crude was under pressure following a survey of analysts, oil companies and ship-tracking data estimated OPEC crude output rose 210,000 barrels a day in July.The problem of faltering discipline in a global, concerted effort to curb production is expected to be discussed at a meeting of OPEC officials in Abu Dhabi next week. Traders are awaiting inventory reports from the American Petroleum Institute as well as a further report from EIA late Wednesday.At the MCX, crude oil futures for August 2017 contract closed at Rs 3140 per barrel, down by 1.35 per cent, after opening at Rs 3221, against a previous close of Rs 3183. It touched the intra-day low of Rs 3107.
02/08/2017
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Crude oil futures closed lower in the domestic market on Tuesday on signs of a pickup in production by Organization of the Petroleum Exporting Countries. Crude was under pressure following a survey of analysts, oil companies and ship-tracking data estimated OPEC crude output rose 210,000 barrels a day in July.The problem of faltering discipline in a global, concerted effort to curb production is expected to be discussed at a meeting of OPEC officials in Abu Dhabi next week. Traders are awaiting inventory reports from the American Petroleum Institute as well as a further report from EIA late Wednesday.At the MCX, crude oil futures for August 2017 contract closed at Rs 3140 per barrel, down by 1.35 per cent, after opening at Rs 3221, against a previous close of Rs 3183. It touched the intra-day low of Rs 3107.
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