Crude oil rises as crude supplies decline
05/01/2017 08:43
Crude oil futures closed higher in the domestic market on Wednesday with signs that major oil producers are sticking to their pledge to cut output and bets that U.S. crude supplies fell for the first time in three weeks helping prices recoup most of the prior day’s drop.
Oil traders will also look to the latest weekly figures on U.S. petroleum supplies due out from the American Petroleum Institute late Wednesday and the Energy Information Administration Thursday morning. Both reports are delayed by a day because of the New Year’s Day holiday.
At the MCX, crude oil futures for January 2016 contract closed at Rs 3618 per barrel, up by 0.78 per cent, after opening at Rs 3599, against a previous close of Rs 3590. It touched the intra-day high of Rs 3628.
05/01/2017 08:43
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Oil traders will also look to the latest weekly figures on U.S. petroleum supplies due out from the American Petroleum Institute late Wednesday and the Energy Information Administration Thursday morning. Both reports are delayed by a day because of the New Year’s Day holiday.
At the MCX, crude oil futures for January 2016 contract closed at Rs 3618 per barrel, up by 0.78 per cent, after opening at Rs 3599, against a previous close of Rs 3590. It touched the intra-day high of Rs 3628.
