Crude oil up on fall in US oil rig count
18/12/2017
18/12/2017 07:33
Crude oil futures closed higher in the domestic market on Friday buoyed in part by a fall in the weekly U.S. oil-rig count, which offers a peek at drilling activity. It has been a volatile week for oil prices as the shut pipeline in the North Sea spurred an early week rally before a three times larger-than-average increase in weekly U.S. oil production saw futures turn negative on the week, The dynamics of the oil market are divergent right now as the technical trend remains bullish while fundamentals are less encouraging, mostly thanks to the relentless rise in U.S. oil production. At the MCX, crude oil futures for December 2017 contract closed at Rs 3667 per barrel, up by 0.44 per cent, after opening at Rs 3660, against a previous close of Rs 3651. It touched the intra-day high of Rs 3684.
18/12/2017
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Crude oil up on fall in US oil rig count18/12/2017 07:33
Crude oil futures closed higher in the domestic market on Friday buoyed in part by a fall in the weekly U.S. oil-rig count, which offers a peek at drilling activity. It has been a volatile week for oil prices as the shut pipeline in the North Sea spurred an early week rally before a three times larger-than-average increase in weekly U.S. oil production saw futures turn negative on the week, The dynamics of the oil market are divergent right now as the technical trend remains bullish while fundamentals are less encouraging, mostly thanks to the relentless rise in U.S. oil production. At the MCX, crude oil futures for December 2017 contract closed at Rs 3667 per barrel, up by 0.44 per cent, after opening at Rs 3660, against a previous close of Rs 3651. It touched the intra-day high of Rs 3684.
