Crude oil rises on geopolitical turmoil
25/10/2017 07:42
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Crude oil futures closed higher in the domestic market on Tuesday as Saudi Arabia reiterated a pledge to help balance the global crude market and geopolitical turmoil threatened global inventories, lifting U.S. prices to their highest finish since mid-April. Traders tracked a range of developments over the weekend. In northern Iraq, continued fighting between government forces and Kurdish separatists exacerbated fears of supply constraints, which have helped pushed oil prices higher in recent weeks. At the MCX, crude oil futures for November 2017 contract closed at Rs 3431 per barrel, up by 1.42 per cent, after opening at Rs 3385, against a previous close of Rs 3383. It touched the intra-day high of Rs 3435.
