Crude oil dips on OPEC deal extension uncertainty
30/11/2017
Crude oil dips on OPEC deal extension uncertainty
30/11/2017 07:37
Crude oil futures closed lower in the domestic market on Wednesday as growing uncertainty over the outcome of a closely watched OPEC meeting outweighed support from official U.S. data revealing a decline in domestic crude stockpiles for a second week in a row. Traders are concerned that OPEC and its allies will not deliver on a production curb deal on Thursday, sending oil prices lower. 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 3682 per barrel, down by 1.50 per cent, after opening at Rs 3715, against a previous close of Rs 3738. It touched the intra-day low of Rs 3660.
30/11/2017
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Crude oil dips on OPEC deal extension uncertainty
30/11/2017 07:37
Crude oil futures closed lower in the domestic market on Wednesday as growing uncertainty over the outcome of a closely watched OPEC meeting outweighed support from official U.S. data revealing a decline in domestic crude stockpiles for a second week in a row. Traders are concerned that OPEC and its allies will not deliver on a production curb deal on Thursday, sending oil prices lower. 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 3682 per barrel, down by 1.50 per cent, after opening at Rs 3715, against a previous close of Rs 3738. It touched the intra-day low of Rs 3660.
