Crude oil dips as OPEC likely to curb crude production cuts
05/06/2018
Crude oil dips as OPEC likely to curb crude production cuts
05/06/2018 07:40
Crude oil futures closed lower in the domestic market on Monday pressured by growing expectations that OPEC will decide to curb crude production cuts when it meets later this month. OPEC and 10 producers outside the cartel, including Russia, have been cutting crude output by roughly 1.8 million barrels a day since the start of 2017. The coordinated effort, which is set to expire at the end of this year, has helped to boost crude prices by more than 40%. OPEC’s next regular meeting will be held on June 22 in Vienna. At the MCX, crude oil futures for June 2018 contract closed at Rs 4347 per barrel, down by 1.83 per cent, after opening at Rs 4409, against a previous close of Rs 4428. It touched the intra-day low of Rs 4340.
05/06/2018
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Crude oil dips as OPEC likely to curb crude production cuts
05/06/2018 07:40
Crude oil futures closed lower in the domestic market on Monday pressured by growing expectations that OPEC will decide to curb crude production cuts when it meets later this month. OPEC and 10 producers outside the cartel, including Russia, have been cutting crude output by roughly 1.8 million barrels a day since the start of 2017. The coordinated effort, which is set to expire at the end of this year, has helped to boost crude prices by more than 40%. OPEC’s next regular meeting will be held on June 22 in Vienna. At the MCX, crude oil futures for June 2018 contract closed at Rs 4347 per barrel, down by 1.83 per cent, after opening at Rs 4409, against a previous close of Rs 4428. It touched the intra-day low of Rs 4340.
