Crude oil rises as traders await crude supply update
22/11/2017
Crude oil rises as traders await crude supply update
22/11/2017 07:42
Crude oil futures closed higher in the domestic market on Tuesday as traders awaited an update on U.S. crude supplies that comes ahead of a key meeting of major producers next week.
The U.S. data may help guide the Organization of the Petroleum Exporting Countries’ decision on whether to extend its production-cut agreement with other major producers beyond the pact’s expiration in March. Rising crude stockpiles and production in the U.S., which isn’t part of the agreement, have been a key concern for other producers who have reduced output in an effort to rebalance the market. At the MCX, crude oil futures for December 2017 contract closed at Rs 3676 per barrel, up by 0.35 per cent, after opening at Rs 3679, against a previous close of Rs 3663. It touched the intra-day high of Rs 3717.
22/11/2017
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Crude oil rises as traders await crude supply update
22/11/2017 07:42
Crude oil futures closed higher in the domestic market on Tuesday as traders awaited an update on U.S. crude supplies that comes ahead of a key meeting of major producers next week.
The U.S. data may help guide the Organization of the Petroleum Exporting Countries’ decision on whether to extend its production-cut agreement with other major producers beyond the pact’s expiration in March. Rising crude stockpiles and production in the U.S., which isn’t part of the agreement, have been a key concern for other producers who have reduced output in an effort to rebalance the market. At the MCX, crude oil futures for December 2017 contract closed at Rs 3676 per barrel, up by 0.35 per cent, after opening at Rs 3679, against a previous close of Rs 3663. It touched the intra-day high of Rs 3717.
