Crude oil rises as oil producers pledge to reduce output
06/01/2017 08:32
Crude oil futures closed higher in the domestic market on Thursday as investors wrestled with U.S. government data that revealed a drop in weekly crude supplies, but a larger-than-hoped jump in stockpiles of gasoline and distillates. Prices leaned on upbeat sentiment surrounding major oil producers’ pledge to reduce output from January. A tumble in the U.S. dollar to a one-month low also provided support for the commodity, which is traded in the greenback. At the MCX, crude oil futures for January 2016 contract closed at Rs 3640 per barrel, up by 0.52 per cent, after opening at Rs 3616, against a previous close of Rs 3621. It touched the intra-day high of Rs 3672.
06/01/2017 08:32
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