Crude oil dips as traders await OPEC meet
04/08/2017
Crude oil futures closed lower in the domestic market on Thursday as buying appetite faded and as investors awaited a highly anticipated OPEC meeting next week. News of the closure of an oil-linked hedge fund and doubts about sanctions against oil exporter Venezuela also contributed to the slump in crude.Investors may also be reacting to disappointment over a lack of U.S. sanctions against embattled Venezuela, which would have been supportive to oil futures. Deepening turmoil in Venezuela has been the focus of the oil industry. The country is home to the world’s largest oil reserves and political chaos sparked by President Nicolás Maduro’s government’s redrafting of the constitution has been seen potentially pushing crude prices higher. At the MCX, crude oil futures for August 2017 contract closed at Rs 3145 per barrel, down by 0.06 per cent, after opening at Rs 3148, against a previous close of Rs 3147. It touched the intra-day low of Rs 3132.
04/08/2017
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Crude oil futures closed lower in the domestic market on Thursday as buying appetite faded and as investors awaited a highly anticipated OPEC meeting next week. News of the closure of an oil-linked hedge fund and doubts about sanctions against oil exporter Venezuela also contributed to the slump in crude.Investors may also be reacting to disappointment over a lack of U.S. sanctions against embattled Venezuela, which would have been supportive to oil futures. Deepening turmoil in Venezuela has been the focus of the oil industry. The country is home to the world’s largest oil reserves and political chaos sparked by President Nicolás Maduro’s government’s redrafting of the constitution has been seen potentially pushing crude prices higher. At the MCX, crude oil futures for August 2017 contract closed at Rs 3145 per barrel, down by 0.06 per cent, after opening at Rs 3148, against a previous close of Rs 3147. It touched the intra-day low of Rs 3132.
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