Crude oil dips ahead of OPEC meet 21/11/2017

Crude oil dips ahead of OPEC meet
21/11/2017


Commodity Segment 


 Free Intraday Tips : Join Our Whatsapp No : 9841986753
  Free Commodity Tips : Join our Whatsapp No : 9094047040

Crude oil dips ahead of OPEC meet
21/11/2017 07:39
Crude oil futures closed lower in the domestic market on Monday ahead of next week’s meeting of global crude producers, where an extension of crude output cuts is set to be discussed. Recent comments from the oil ministers of both Iran and the United Arab Emirates have joined a broader group of key OPEC officials in expressing confidence that an extension deal will be reached at the group’s formal meeting later this month. Still, concerns remain about how sustainable current prices actually are in light of U.S. production potential, particularly as oil rigs have started moving flat-to-higher in recent weeks. At the MCX, crude oil futures for December 2017 contract closed at Rs 3661 per barrel, down by 0.65 per cent, after opening at Rs 3694, against a previous close of Rs 3685. It touched the intra-day low of Rs 3636.