Crude oil surges on Goldman Sachs report
02/02/2018
Crude oil surges on Goldman Sachs report
02/02/2018 07:46
Crude oil futures closed higher in the domestic market on Thursday after Goldman Sachs said the market has likely reached a balance between supply and demand. Oil prices also continued to find support after the U.S. Energy Information Administration on Wednesday reported a surprise weekly decline in domestic gasoline stockpiles. Oil prices had hit three-year highs last month on the back of strong demand, geopolitical risks, a weaker U.S. dollar and efforts by the Organization of the Petroleum Exporting Countries to curb supply. At the MCX, crude oil futures for February 2018 contract closed at Rs 4197 per barrel, up by 2.07 per cent, after opening at Rs 4120, against a previous close of Rs 4112. It touched the intra-day high of Rs 4212.
02/02/2018
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Crude oil surges on Goldman Sachs report
02/02/2018 07:46
Crude oil futures closed higher in the domestic market on Thursday after Goldman Sachs said the market has likely reached a balance between supply and demand. Oil prices also continued to find support after the U.S. Energy Information Administration on Wednesday reported a surprise weekly decline in domestic gasoline stockpiles. Oil prices had hit three-year highs last month on the back of strong demand, geopolitical risks, a weaker U.S. dollar and efforts by the Organization of the Petroleum Exporting Countries to curb supply. At the MCX, crude oil futures for February 2018 contract closed at Rs 4197 per barrel, up by 2.07 per cent, after opening at Rs 4120, against a previous close of Rs 4112. It touched the intra-day high of Rs 4212.
