Crude Oil ends higher on good demand
20/03/2015 09:48
Crude oil futures rose in the domestic market on Thursday as investors awaited an industry rig count estimate in the U.S. Speaking to reporters in Kuwait City, Ali al-Omair, Kuwait's oil minister, indicated that current market conditions have forced Opec to maintain its production level. While al-Omair said Kuwait "will be very happy if other producers cut output," he added that the world's 10th largest oil producer can't afford to "lose its share in the market.". Crude oil may fall today on account of the recent EIA data which threatens to worsen a global supply glut. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 2,706 per barrel, up by 1.50 per cent, after opening at Rs 2,673, against the previous close price of Rs 2,666. It touched an intraday high of Rs 2,754 till the closing.
20/03/2015 09:48
Crude oil futures rose in the domestic market on Thursday as investors awaited an industry rig count estimate in the U.S. Speaking to reporters in Kuwait City, Ali al-Omair, Kuwait's oil minister, indicated that current market conditions have forced Opec to maintain its production level. While al-Omair said Kuwait "will be very happy if other producers cut output," he added that the world's 10th largest oil producer can't afford to "lose its share in the market.". Crude oil may fall today on account of the recent EIA data which threatens to worsen a global supply glut. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 2,706 per barrel, up by 1.50 per cent, after opening at Rs 2,673, against the previous close price of Rs 2,666. It touched an intraday high of Rs 2,754 till the closing.
