Crude oil rises as OPEC agree to extend pact
01/12/2017
Crude oil rises as OPEC agree to extend pact
01/12/2017 07:37
Crude oil futures closed higher in the domestic market on Thursday after OPEC members and other major oil producers agreed to extend their production-cut pact to the end of 2018. The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018. A nine-month extension to the end of next year is reasonable given markets could be in balance sometime in the second half, but there are other variables like the response in shale, global demand and geopolitical issues like Venezuela and the general Saudi/Iran conflict that could influence the prices. At the MCX, crude oil futures for December 2017 contract closed at Rs 3695 per barrel, up by 0.46 per cent, after opening at Rs 3684, against a previous close of Rs 3678. It touched the intra-day high of Rs 3747.
01/12/2017
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Crude oil rises as OPEC agree to extend pact
01/12/2017 07:37
Crude oil futures closed higher in the domestic market on Thursday after OPEC members and other major oil producers agreed to extend their production-cut pact to the end of 2018. The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018. A nine-month extension to the end of next year is reasonable given markets could be in balance sometime in the second half, but there are other variables like the response in shale, global demand and geopolitical issues like Venezuela and the general Saudi/Iran conflict that could influence the prices. At the MCX, crude oil futures for December 2017 contract closed at Rs 3695 per barrel, up by 0.46 per cent, after opening at Rs 3684, against a previous close of Rs 3678. It touched the intra-day high of Rs 3747.
