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Crude oil futures closed higher in the domestic market on Friday buoyed by more data backing up production cuts by major oil producers, but prices show little reaction to news that the U.S. has imposed sanctions on Iran, one of the world’s top 10 crude-oil producers. Concerns over the potential for a sizable increase in U.S. producers, especially following data Friday which revealed a third straight weekly rise in the number of active domestic oil rigs, has kept oil prices in a tight trading range. At the MCX, crude oil futures for February 2016 contract closed at Rs 3617 per barrel, up by 0.08 per cent, after opening at Rs 3632, against a previous close of Rs 3614. It touched the intra-day high of Rs 3645.
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Crude oil futures closed higher in the domestic market on Friday buoyed by more data backing up production cuts by major oil producers, but prices show little reaction to news that the U.S. has imposed sanctions on Iran, one of the world’s top 10 crude-oil producers. Concerns over the potential for a sizable increase in U.S. producers, especially following data Friday which revealed a third straight weekly rise in the number of active domestic oil rigs, has kept oil prices in a tight trading range. At the MCX, crude oil futures for February 2016 contract closed at Rs 3617 per barrel, up by 0.08 per cent, after opening at Rs 3632, against a previous close of Rs 3614. It touched the intra-day high of Rs 3645.
