Crude oil rises on fall in US crude supply
18/08/2017
Crude oil futures closed higher in the domestic market on Thursday as traders continued to weigh data showing the biggest weekly fall in U.S. crude supplies in 11 months, but also the highest total domestic production level in more than two years.The Energy Information Administration reported on Wednesday a rise of 79,000 barrels a day in total crude-oil production to 9.502 million barrels a day last week. The EIA, however, also said oil inventories fell by 8.9 million barrels, more than double the decline expected by analysts.At the MCX, crude oil futures for August 2017 contract closed at Rs 3019 per barrel, up by 0.37 per cent, after opening at Rs 3029, against a previous close of Rs 3008. It touched the intra-day high of Rs 3029.
18/08/2017
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Crude oil futures closed higher in the domestic market on Thursday as traders continued to weigh data showing the biggest weekly fall in U.S. crude supplies in 11 months, but also the highest total domestic production level in more than two years.The Energy Information Administration reported on Wednesday a rise of 79,000 barrels a day in total crude-oil production to 9.502 million barrels a day last week. The EIA, however, also said oil inventories fell by 8.9 million barrels, more than double the decline expected by analysts.At the MCX, crude oil futures for August 2017 contract closed at Rs 3019 per barrel, up by 0.37 per cent, after opening at Rs 3029, against a previous close of Rs 3008. It touched the intra-day high of Rs 3029.
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