Crude Oil ends higher on strong global cues
17/11/2014 09:44
Crude oil futures ended higher in the domestic market on Friday on speculation that OPEC countries may consider cutting output to bolster prices at its upcoming meeting. Oil ministers from Saudi Arabia and Kuwait have recently resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines. The 12-member oil cartel is scheduled to meet in Vienna on Nov. 27 to discuss whether to adjust their production target for 2015. However, gains were curbed after US production surged to record highs. The EIA reported that production in the US rose by 91,000 barrels per day to a record 9.063 million barrels per day in the week ended November 7, 2014. Crude futures may rise as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,662 per barrel, up by 0.45 per cent, after opening at Rs 4,625, against a previous close of Rs 4,641. It touched an intra-day high of Rs 4,672.
17/11/2014 09:44
Crude oil futures ended higher in the domestic market on Friday on speculation that OPEC countries may consider cutting output to bolster prices at its upcoming meeting. Oil ministers from Saudi Arabia and Kuwait have recently resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines. The 12-member oil cartel is scheduled to meet in Vienna on Nov. 27 to discuss whether to adjust their production target for 2015. However, gains were curbed after US production surged to record highs. The EIA reported that production in the US rose by 91,000 barrels per day to a record 9.063 million barrels per day in the week ended November 7, 2014. Crude futures may rise as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,662 per barrel, up by 0.45 per cent, after opening at Rs 4,625, against a previous close of Rs 4,641. It touched an intra-day high of Rs 4,672.
