Crude oil dips on OPEC deal extension doubts
28/11/2017
Crude oil dips on OPEC deal extension doubts
28/11/2017 07:36
Crude oil futures closed lower in the domestic market on Monday as some traders expressed doubt over an extension to a production-cut deal at the OPEC meeting later this week. Crude prices have been driven higher in recent sessions as U.S. inventory data showed crude stockpiles falling and on disruption to the Keystone pipeline in the U.S. after an oil spill in South Dakota. Investors are looking ahead to Thursday’s meeting in Vienna of members of the Organization of the Petroleum Exporting Countries and nonmember oil producers, including Russia. Some expect the gathering will produce an extension to the output-cut deal announced in January. At the MCX, crude oil futures for December 2017 contract closed at Rs 3756 per barrel, down by 1.34 per cent, after opening at Rs 3810, against a previous close of Rs 3807. It touched the intra-day low of Rs 3715.
28/11/2017
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Crude oil dips on OPEC deal extension doubts
28/11/2017 07:36
Crude oil futures closed lower in the domestic market on Monday as some traders expressed doubt over an extension to a production-cut deal at the OPEC meeting later this week. Crude prices have been driven higher in recent sessions as U.S. inventory data showed crude stockpiles falling and on disruption to the Keystone pipeline in the U.S. after an oil spill in South Dakota. Investors are looking ahead to Thursday’s meeting in Vienna of members of the Organization of the Petroleum Exporting Countries and nonmember oil producers, including Russia. Some expect the gathering will produce an extension to the output-cut deal announced in January. At the MCX, crude oil futures for December 2017 contract closed at Rs 3756 per barrel, down by 1.34 per cent, after opening at Rs 3810, against a previous close of Rs 3807. It touched the intra-day low of Rs 3715.
