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Tuesday 26 December 2017

Crude oil up on rising US rig count : 26 Dec

Crude oil futures closed higher in the domestic market on Friday after data showed the number of U.S. oil rigs remained steady this week.

Traders are keeping an eye on the count amid concerns shale producers could move to ramp up production next year in response to higher prices.

The pipeline was shut down last week after operator Ineos discovered a hairline crack in a pipe, stopping the flow of 450,000 barrels of North Sea oil a day. That tightening of supply had buoyed prices over the past week.

At the MCX, crude oil futures for January 2017 contract closed at Rs 3740 per barrel, up by 0.21 percent, after opening at Rs 3734, against a previous close of Rs 3732. It touched the intra-day high of Rs 3745.


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