Crude oil rises on lower US crude production forecast
12/07/2017
Crude oil futures closed higher in the domestic market on Tuesday as a lower 2018 forecast on U.S. crude production and speculation of possible output curbs in Libya and Nigeria fueled the strongest session gain for prices in over a week.Expectations for a second-consecutive weekly decline in U.S. crude supplies also provided support.Traders and analysts were also looking ahead to monthly oil reports from OPEC and the International Energy Agency. The American Petroleum Institute’s weekly U.S. petroleum supplies data will be released later Tuesday. Separately, the EIA’s weekly supply report will be released Wednesday.At the MCX, crude oil futures for July 2017 contract closed at Rs 2911 per barrel, up by 1.22 per cent, after opening at Rs 2878, against a previous close of Rs 2876. It touched the intra-day high of Rs 2926.
12/07/2017
Crude oil futures closed higher in the domestic market on Tuesday as a lower 2018 forecast on U.S. crude production and speculation of possible output curbs in Libya and Nigeria fueled the strongest session gain for prices in over a week.Expectations for a second-consecutive weekly decline in U.S. crude supplies also provided support.Traders and analysts were also looking ahead to monthly oil reports from OPEC and the International Energy Agency. The American Petroleum Institute’s weekly U.S. petroleum supplies data will be released later Tuesday. Separately, the EIA’s weekly supply report will be released Wednesday.At the MCX, crude oil futures for July 2017 contract closed at Rs 2911 per barrel, up by 1.22 per cent, after opening at Rs 2878, against a previous close of Rs 2876. It touched the intra-day high of Rs 2926.
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