Crude oil rises on Libya crude production uncertainty
06/03/2017 08:41
Crude oil futures closed higher in the domestic market on Friday buoyed by uncertainty surrounding Libya’s crude production, but prices still registered a loss for the week on the back of rising U.S. output.
Libya and Nigeria are members of Organization of the Petroleum Exporting Countries who were exempted from the production cut agreement between OPEC and other major producers that kicked in at the start of the year.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3557 per barrel, up by 0.57 per cent, after opening at Rs 3530, against a previous close of Rs 3537. It touched the intra-day high of Rs 3567.
06/03/2017 08:41
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Crude oil futures closed higher in the domestic market on Friday buoyed by uncertainty surrounding Libya’s crude production, but prices still registered a loss for the week on the back of rising U.S. output.
Libya and Nigeria are members of Organization of the Petroleum Exporting Countries who were exempted from the production cut agreement between OPEC and other major producers that kicked in at the start of the year.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3557 per barrel, up by 0.57 per cent, after opening at Rs 3530, against a previous close of Rs 3537. It touched the intra-day high of Rs 3567.
