Crude oil dips as traders weigh OPEC pact extension
20/09/2017
Crude oil futures closed lower in the domestic market on Tuesday as traders weighed prospects for an extension to the OPEC-led production cut agreement and expectations for U.S. crude output. OPEC and 10 producers outside the cartel first agreed late last year to cap production at around 1.8 million barrels a day lower than peak October 2016 levels, part of an effort to alleviate the global oil glut and boost prices. The deal was extended in May through March 2018, but has been hindered by both a lack of compliance by some signatories and steady U.S. shale output. At the MCX, crude oil futures for September 2017 contract closed at Rs 3177 per barrel, down by 0.97 per cent, after opening at Rs 3206, against a previous close of Rs 3208. It touched the intra-day low of Rs 3166.
20/09/2017
CLICK HERE
Crude oil futures closed lower in the domestic market on Tuesday as traders weighed prospects for an extension to the OPEC-led production cut agreement and expectations for U.S. crude output. OPEC and 10 producers outside the cartel first agreed late last year to cap production at around 1.8 million barrels a day lower than peak October 2016 levels, part of an effort to alleviate the global oil glut and boost prices. The deal was extended in May through March 2018, but has been hindered by both a lack of compliance by some signatories and steady U.S. shale output. At the MCX, crude oil futures for September 2017 contract closed at Rs 3177 per barrel, down by 0.97 per cent, after opening at Rs 3206, against a previous close of Rs 3208. It touched the intra-day low of Rs 3166.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
