Wednesday, 27 December 2017

Crude oil rises on disruption in oil supply : 27 Dec


Crude oil futures closed higher in the domestic market on Tuesday with futures supported by pipeline outages in the North Sea and Libya.

An explosion at a pipeline feeding the As Sidra port in Libya may cut oil production by up 100,000 barrels a day. The pipeline connects crude-oil fields to As Sidra oil terminal and is operated by the Waha Oil Company.

Meanwhile, investors and traders were monitoring the outage of the Forties Pipeline System in the North Sea where a hairline crack stopped the flow of 450,000 barrels a day of crude earlier this month.

At the MCX, crude oil futures for January 2017 contract closed at Rs 3832 per barrel, up by 2.54 percent, after opening at Rs 3741, against a previous close of Rs 3737. It touched the intra-day high of Rs 3838.

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