Crude oil down on rising US crude production
12/02/2018
Crude oil down on rising US crude production
12/02/2018 07:39
Crude oil futures closed lower in the domestic market on Friday as data released Friday revealed the biggest weekly jump in the number of U.S. oil-drilling rigs since January 2017, contributing to concerns about a surge in U.S. production. Until recently, oil prices have been buoyed by production cuts from the Organization of the Petroleum Exporting Countries and other large producers among other threats to supply. However, OPEC member Iran also plans to raise its oil production in the next four years. At the MCX, crude oil futures for February 2018 contract closed at Rs 3797 per barrel, down by 3.41 per cent, after opening at Rs 3920, against a previous close of Rs 3931. It touched the intra-day low of Rs 3795.
12/02/2018
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Crude oil down on rising US crude production
12/02/2018 07:39
Crude oil futures closed lower in the domestic market on Friday as data released Friday revealed the biggest weekly jump in the number of U.S. oil-drilling rigs since January 2017, contributing to concerns about a surge in U.S. production. Until recently, oil prices have been buoyed by production cuts from the Organization of the Petroleum Exporting Countries and other large producers among other threats to supply. However, OPEC member Iran also plans to raise its oil production in the next four years. At the MCX, crude oil futures for February 2018 contract closed at Rs 3797 per barrel, down by 3.41 per cent, after opening at Rs 3920, against a previous close of Rs 3931. It touched the intra-day low of Rs 3795.
