Crude oil dips on rising U.S oil rigs
08/08/2016 09:00
Crude oil futures closed lower in the domestic market on Friday after data showed the number of U.S. oil rigs rose for a sixth straight week. Prices started moving lower as the upbeat jobs report lifted the U.S. dollar to one-week highs against most of its major counterparts. Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2784 per barrel, down by 0.93 per cent, after opening at Rs. 2805, against the previous closing price of Rs. 2810. It touched the intra-day low of Rs. 2755.
08/08/2016 09:00
