Crude oil up on decline in US crude supply
23/11/2017
Crude oil up on decline in US crude supply
23/11/2017 07:43
Crude oil futures closed higher in the domestic market on Wednesday as a weekly decline in U.S. crude supplies backed expectations that OPEC will decide to extend its output-cut deal when it meets with other major producers next week. The U.S. Energy Information Administration on Wednesday said crude supplies fell by 1.9 million barrels for the week ended Nov. 17. The U.S. data may help guide the Organization of the Petroleum Exporting Countries’ decision on whether to extend its production-cut agreement with other major producers beyond the pact’s expiration in March. Rising crude stockpiles and production in the U.S., which isn’t part of the agreement, have been a key concern for other producers who have reduced output in an effort to rebalance the market. At the MCX, crude oil futures for December 2017 contract closed at Rs 3744 per barrel, up by 1.79 per cent, after opening at Rs 3691, against a previous close of Rs 3678. It touched the intra-day high of Rs 3772.
23/11/2017
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Crude oil up on decline in US crude supply
23/11/2017 07:43
Crude oil futures closed higher in the domestic market on Wednesday as a weekly decline in U.S. crude supplies backed expectations that OPEC will decide to extend its output-cut deal when it meets with other major producers next week. The U.S. Energy Information Administration on Wednesday said crude supplies fell by 1.9 million barrels for the week ended Nov. 17. The U.S. data may help guide the Organization of the Petroleum Exporting Countries’ decision on whether to extend its production-cut agreement with other major producers beyond the pact’s expiration in March. Rising crude stockpiles and production in the U.S., which isn’t part of the agreement, have been a key concern for other producers who have reduced output in an effort to rebalance the market. At the MCX, crude oil futures for December 2017 contract closed at Rs 3744 per barrel, up by 1.79 per cent, after opening at Rs 3691, against a previous close of Rs 3678. It touched the intra-day high of Rs 3772.
