Crude oil up as crude production falls
13/09/2017
Crude oil futures closed higher in the domestic market on Tuesday as the latest OPEC report that showed oil production from the cartel fell last month.Expectations for a hefty weekly rise in U.S. crude-oil supplies, however, limited the price rise for oil. Inventories likely jumped on the back of lower demand from refineries that shutdown output of petroleum products in the wake of Hurricane Harvey.At the MCX, crude oil futures for September 2017 contract closed at Rs 3089 per barrel, up by 0.52 per cent, after opening at Rs 3077, against a previous close of Rs 3073. It touched the intra-day high of Rs 3105.
13/09/2017
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Crude oil futures closed higher in the domestic market on Tuesday as the latest OPEC report that showed oil production from the cartel fell last month.Expectations for a hefty weekly rise in U.S. crude-oil supplies, however, limited the price rise for oil. Inventories likely jumped on the back of lower demand from refineries that shutdown output of petroleum products in the wake of Hurricane Harvey.At the MCX, crude oil futures for September 2017 contract closed at Rs 3089 per barrel, up by 0.52 per cent, after opening at Rs 3077, against a previous close of Rs 3073. It touched the intra-day high of Rs 3105.
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