Crude oil up on rising tension in Middle East
17/10/2017
Crude oil futures closed higher in the domestic market on Monday as increased tensions in the Middle East raised concerns over global crude supplies. The risks in the Middle East intensified after Iraqi forces reportedly entered Kirkuk, which is a major oil-producing area and has been held by Kurdish fighters. The Iraqi army has taken full control of the city and secured North Oil Company facilities, according to reports. Tensions between the Kurdish Regional Government and Baghdad have been building after the Kurds voted for independence in a September referendum, sparking concerns over Iraq’s oil exports. Iraq is the second-largest oil producer in the Organization of the Petroleum Exporting Countries. At the MCX, crude oil futures for October 2017 contract closed at Rs 3355 per barrel, up by 1.36 per cent, after opening at Rs 3325, against a previous close of Rs 3310. It touched the intra-day high of Rs 3389.
17/10/2017
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Crude oil futures closed higher in the domestic market on Monday as increased tensions in the Middle East raised concerns over global crude supplies. The risks in the Middle East intensified after Iraqi forces reportedly entered Kirkuk, which is a major oil-producing area and has been held by Kurdish fighters. The Iraqi army has taken full control of the city and secured North Oil Company facilities, according to reports. Tensions between the Kurdish Regional Government and Baghdad have been building after the Kurds voted for independence in a September referendum, sparking concerns over Iraq’s oil exports. Iraq is the second-largest oil producer in the Organization of the Petroleum Exporting Countries. At the MCX, crude oil futures for October 2017 contract closed at Rs 3355 per barrel, up by 1.36 per cent, after opening at Rs 3325, against a previous close of Rs 3310. It touched the intra-day high of Rs 3389.
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