Crude oil rises on market tightening due to production cuts
02/03/2017 08:36
Crude oil futures closed higher in the domestic market on Wednesday from expectations that the market is tightening as a result of production cuts in the Middle East and Russia.
Also, U.S. government data revealed an eighth weekly climb in a row for crude stockpiles that was actually smaller than the market expected.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3605 per barrel, up by 1.09 per cent, after opening at Rs 3580, against a previous close of Rs 3566. It touched the intra-day high of Rs 3647.
02/03/2017 08:36
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Crude oil futures closed higher in the domestic market on Wednesday from expectations that the market is tightening as a result of production cuts in the Middle East and Russia.
Also, U.S. government data revealed an eighth weekly climb in a row for crude stockpiles that was actually smaller than the market expected.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3605 per barrel, up by 1.09 per cent, after opening at Rs 3580, against a previous close of Rs 3566. It touched the intra-day high of Rs 3647.
