Oil extends rally amid US production slowdown hopes
13/04/2015 12:28
Crude oil futures extended gains on Monday amid rising bets that a falling US oil rig count would slow production of the fuel in the world’s biggest crude oil consumer, easing concerns over a widening global supply glut.
US oil rig count has fallen for the past eighteen weeks, marking a slowdown in drilling activity amid a crude price slump.
Moreover, speculation that Iranian oil may return to the markets several months after the announcement of a tentative nuclear deal between the West and the Islamic nation, also eased concerns over ballooning crude supplies.
At the MCX, crude oil futures for April 2015 contract were trading at Rs. 3,240 per barrel, up by 0.62 per cent, after opening at Rs. 3,222, against the previous closing price of Rs. 3,220. It touched the intra-day high of Rs. 3,245. (At 11:52 AM today).
13/04/2015 12:28
Crude oil futures extended gains on Monday amid rising bets that a falling US oil rig count would slow production of the fuel in the world’s biggest crude oil consumer, easing concerns over a widening global supply glut.
US oil rig count has fallen for the past eighteen weeks, marking a slowdown in drilling activity amid a crude price slump.
Moreover, speculation that Iranian oil may return to the markets several months after the announcement of a tentative nuclear deal between the West and the Islamic nation, also eased concerns over ballooning crude supplies.
At the MCX, crude oil futures for April 2015 contract were trading at Rs. 3,240 per barrel, up by 0.62 per cent, after opening at Rs. 3,222, against the previous closing price of Rs. 3,220. It touched the intra-day high of Rs. 3,245. (At 11:52 AM today).
