Crude oil up as OPEC agree to extend pact
04/12/2017
Crude oil up as OPEC agree to extend pact
04/12/2017 07:36
Crude oil futures closed higher in the domestic market on Friday after major oil producers hammered out an agreement that was widely expected, to extend ongoing production curbs through 2018.
The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018.
A nine-month extension to the end of next year is reasonable given markets could be in balance sometime in the second half, but there are other variables like the response in shale, global demand and geopolitical issues like Venezuela and the general Saudi/Iran conflict that could influence the prices.
At the MCX, crude oil futures for December 2017 contract closed at Rs 3754 per barrel, up by 1.82 per cent, after opening at Rs 3712, against a previous close of Rs 3687. It touched the intra-day high of Rs 3802.
04/12/2017
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Crude oil up as OPEC agree to extend pact
04/12/2017 07:36
Crude oil futures closed higher in the domestic market on Friday after major oil producers hammered out an agreement that was widely expected, to extend ongoing production curbs through 2018.
The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018.
A nine-month extension to the end of next year is reasonable given markets could be in balance sometime in the second half, but there are other variables like the response in shale, global demand and geopolitical issues like Venezuela and the general Saudi/Iran conflict that could influence the prices.
At the MCX, crude oil futures for December 2017 contract closed at Rs 3754 per barrel, up by 1.82 per cent, after opening at Rs 3712, against a previous close of Rs 3687. It touched the intra-day high of Rs 3802.
