Crude oil up as OPEC raises demand forecast
12/10/2017
Crude oil futures closed higher in the domestic market on Wednesday as OPEC raised its forecast for crude demand but said output by member countries rose in September despite a deal to limit production. In its monthly report, the Organization of the Petroleum Exporting Countries said crude-oil production last month jumped by 90,000 barrels a day, complicating efforts by the cartel and other major producers to limit output and curb the global supply glut. The cartel, however, raised its forecast for growth in global demand for oil by around 30,000 barrels a day for this year and 2018. It now sees demand increasing by 1.5 million barrels a day in 2017 and 1.4 million barrels a day next year. At the MCX, crude oil futures for October 2017 contract closed at Rs 3348 per barrel, up by 0.51 per cent, after opening at Rs 3338, against a previous close of Rs 3331. It touched the intra-day high of Rs 3360.
12/10/2017
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Crude oil futures closed higher in the domestic market on Wednesday as OPEC raised its forecast for crude demand but said output by member countries rose in September despite a deal to limit production. In its monthly report, the Organization of the Petroleum Exporting Countries said crude-oil production last month jumped by 90,000 barrels a day, complicating efforts by the cartel and other major producers to limit output and curb the global supply glut. The cartel, however, raised its forecast for growth in global demand for oil by around 30,000 barrels a day for this year and 2018. It now sees demand increasing by 1.5 million barrels a day in 2017 and 1.4 million barrels a day next year. At the MCX, crude oil futures for October 2017 contract closed at Rs 3348 per barrel, up by 0.51 per cent, after opening at Rs 3338, against a previous close of Rs 3331. It touched the intra-day high of Rs 3360.
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