Crude oil prices surge 0.58% on supply cuts
27/02/2017 13:23
Crude oil futures were trading higher in the domestic market on Monday as investors and speculators extended their positions in the energy commodity as a global supply glut appears to ease.
However, rising US production limited the gains as the US Energy Information Administration (EIA) data showed that the US crude inventories rose for a seventh straight week.
At the MCX, crude oil futures for March 2017 contract is trading at Rs 3636 per barrel, up by 0.58 per cent, after opening at Rs 3620, against a previous close of Rs 3615. It touched the intra-day high of Rs 3639 (at 13:19 hours).
27/02/2017 13:23
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Crude oil futures were trading higher in the domestic market on Monday as investors and speculators extended their positions in the energy commodity as a global supply glut appears to ease.
However, rising US production limited the gains as the US Energy Information Administration (EIA) data showed that the US crude inventories rose for a seventh straight week.
At the MCX, crude oil futures for March 2017 contract is trading at Rs 3636 per barrel, up by 0.58 per cent, after opening at Rs 3620, against a previous close of Rs 3615. It touched the intra-day high of Rs 3639 (at 13:19 hours).
