Crude oil rises on decline in US oil rigs
23/10/2017 07:35
Crude oil futures closed higher in the domestic market on Friday as traders mulled OPEC efforts to reach a more balanced market and fretted over the potential for more U.S. shale production. A third weekly decline in the number of active U.S. oil rigs, however, helped to ease some anxiety over output. Secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades. At the MCX, crude oil futures for November 2017 contract closed at Rs 3376 per barrel, up by 0.51 per cent, after opening at Rs 3345, against a previous close of Rs 3359. It touched the intra-day high of Rs 3379.
