Crude oil dips on rising US crude inventories
07/06/2018
Crude oil dips on rising US crude inventories
07/06/2018 07:46
Crude oil futures closed lower in the domestic market on Wednesday after a report revealed a surprise weekly climb in domestic US crude inventories. Prices had traded higher in early dealings, buoyed by reports Venezuela may not deliver some of its contracted crude oil exports on the heels of political upheaval. An economic crisis fed by the nation’s political instability has limited global supply, helping the Organization of the Petroleum Exporting Countries hit its target for reduced output faster than expected. At the MCX, crude oil futures for June 2018 contract closed at Rs 4339 per barrel, down by 1.21 per cent, after opening at Rs 4402, against a previous close of Rs 4392. It touched the intra-day low of Rs 4305.
07/06/2018
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Crude oil dips on rising US crude inventories
07/06/2018 07:46
Crude oil futures closed lower in the domestic market on Wednesday after a report revealed a surprise weekly climb in domestic US crude inventories. Prices had traded higher in early dealings, buoyed by reports Venezuela may not deliver some of its contracted crude oil exports on the heels of political upheaval. An economic crisis fed by the nation’s political instability has limited global supply, helping the Organization of the Petroleum Exporting Countries hit its target for reduced output faster than expected. At the MCX, crude oil futures for June 2018 contract closed at Rs 4339 per barrel, down by 1.21 per cent, after opening at Rs 4402, against a previous close of Rs 4392. It touched the intra-day low of Rs 4305.
