Crude oil dips as investors await OPEC meet outcome
08/08/2017
Crude oil futures closed lower in the domestic market on Monday on concerns about major oil producers’ wavering commitment to output caps as a meeting of the Organization of the Petroleum Exporting Countries gets under way.The two-day gathering in Abu Dhabi, United Arab Emirates, will focus on members’ compliance with the output pact the cartel signed with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effect in tamping down global output or inventories.Investors are also anticipating the end of the summer driving season, which exhibited strong consumer demand for gasoline and low inventories.At the MCX, crude oil futures for August 2017 contract closed at Rs 3146 per barrel, down by 0.10 per cent, after opening at Rs 3130, against a previous close of Rs 3149. It touched the intra-day low of Rs 3105.
08/08/2017
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Crude oil futures closed lower in the domestic market on Monday on concerns about major oil producers’ wavering commitment to output caps as a meeting of the Organization of the Petroleum Exporting Countries gets under way.The two-day gathering in Abu Dhabi, United Arab Emirates, will focus on members’ compliance with the output pact the cartel signed with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effect in tamping down global output or inventories.Investors are also anticipating the end of the summer driving season, which exhibited strong consumer demand for gasoline and low inventories.At the MCX, crude oil futures for August 2017 contract closed at Rs 3146 per barrel, down by 0.10 per cent, after opening at Rs 3130, against a previous close of Rs 3149. It touched the intra-day low of Rs 3105.
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