Crude Oil - Market Views 26.09.2016

Crude Oil - Market Views 26.09.2016


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WTI oil prices rose by 1.7 percent last week to close at $44.5 per barrel boosted as U.S. government data showed a surprising crude inventory drop. U.S. Energy Information Administration (EIA) showed that crude stockpiles fell 6.2 million barrels last week, bringing the draw to more
than 21 million barrels for this month Also, Oil prices got more support from the dollar's slide a day after the Federal Reserve kept U.S. interest rates unchanged. However, Crude futures gave back some gains after Reuters reported that a two-day expert-level meeting of the Organization of the
Petroleum Exporting Countries on production cooperation had yielded no major breakthrough. The meeting was held in advance of Sept. 26-28 talks in Algeria between OPEC and other major oil producers to discuss a potential output freeze.Also, news that Saudi may cut supply if Iran freezes output was supportive. The Saudis pumped a record 10.69 million barrels a day in
August, compared with 10.2 million in January, and Boutarfa said Algeria wants major producers to cut their collective output by 1 million barrels a day. On the MCX, oil prices rose by 2.8 percent to close at Rs.2978 per barrel.