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Monday 23 January 2017

Crude oil rises as producers agree to cut output : 23 Jan 2017

Crude oil futures closed higher in the domestic market on Friday boosted by signs of tighter supply after major oil producers agreed to cut output.

Prices, however, finished off the day’s highs after data showed a hefty weekly rise in the number of active U.S. rigs drilling for oil. The increase raised concerns that rising output from the U.S. could derail efforts by other major producers to rebalance global oil supply and demand.

At the MCX, crude oil futures for February 2016 contract closed at Rs 3641 per barrel, up by 2.33 per cent, after opening at Rs 3570, against a previous close of Rs 3558. It touched the intra-day high of Rs 3664.


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