Crude oil rises on decline in US crude production
12/01/2018
Crude oil rises on decline in US crude production
12/01/2018 07:42
Crude oil futures closed higher in the domestic market on Thursday buoyed by a pullback in U.S. production and eight weeks of declines in domestic crude stockpiles, as traders awaited the Trump administration’s decision on whether to extend temporary waivers on sanctions against Iran. An eight-week string of drops in U.S. crude supplies and concerns over unrest in Iran were drivers for the rally. A weekly decline in the number of U.S. drilling rigs led both contracts to also finish higher. At the MCX, crude oil futures for January 2018 contract closed at Rs 4093 per barrel, up by 1.41 per cent, after opening at Rs 4040, against a previous close of Rs 4036. It touched the intra-day high of Rs 4123.
12/01/2018
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Crude oil rises on decline in US crude production
12/01/2018 07:42
Crude oil futures closed higher in the domestic market on Thursday buoyed by a pullback in U.S. production and eight weeks of declines in domestic crude stockpiles, as traders awaited the Trump administration’s decision on whether to extend temporary waivers on sanctions against Iran. An eight-week string of drops in U.S. crude supplies and concerns over unrest in Iran were drivers for the rally. A weekly decline in the number of U.S. drilling rigs led both contracts to also finish higher. At the MCX, crude oil futures for January 2018 contract closed at Rs 4093 per barrel, up by 1.41 per cent, after opening at Rs 4040, against a previous close of Rs 4036. It touched the intra-day high of Rs 4123.
