Crude oil higher on decline in Saudi oil exports
21/02/2017 08:28
Crude oil futures closed higher in the domestic market on Monday lifted by fresh data showing a decline in Saudi Arabian oil exports, which helped soothe markets some after a U.S. rig-count spike last week. While global cuts are supporting crude prices, the market keeps bumping up against signs of rising production in the U.S. Oil came under pressure over the weekend after data indicated the number of rigs drilling for oil in the U.S. rose by six. At the MCX, crude oil futures for March 2016 contract closed at Rs 3623 per barrel, up by 0.53 per cent, after opening at Rs 3611, against a previous close of Rs 3604. It touched the intra-day high of Rs 3642.
21/02/2017 08:28
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Crude oil futures closed higher in the domestic market on Monday lifted by fresh data showing a decline in Saudi Arabian oil exports, which helped soothe markets some after a U.S. rig-count spike last week. While global cuts are supporting crude prices, the market keeps bumping up against signs of rising production in the U.S. Oil came under pressure over the weekend after data indicated the number of rigs drilling for oil in the U.S. rose by six. At the MCX, crude oil futures for March 2016 contract closed at Rs 3623 per barrel, up by 0.53 per cent, after opening at Rs 3611, against a previous close of Rs 3604. It touched the intra-day high of Rs 3642.
