Crude oil rises as Saudi, Nigeria agree to reduce exports
26/07/2017
Crude oil futures closed higher in the domestic market on Tuesday as fresh pledges from Saudi Arabia and Nigeria to, respectively, reduce crude exports and limit output raised hopes of a market rebalance.Saudi Arabia, which is the world’s largest oil exporter, agreed to limit its exports at 6.6 million barrels a day, while Nigeria also committed to taking part in production cuts if it reaches a production level of 1.8 million barrels a day.Nigeria and Libya have seen their own output rebound faster than expected. The two OPEC members have been exempt from the production-cut deal as their output recovers from years of civil unrest.At the MCX, crude oil futures for August 2017 contract closed at Rs 3086 per barrel, up by 2.97 per cent, after opening at Rs 3004, against a previous close of Rs 2997. It touched the intra-day high of Rs 3098.
26/07/2017
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Crude oil futures closed higher in the domestic market on Tuesday as fresh pledges from Saudi Arabia and Nigeria to, respectively, reduce crude exports and limit output raised hopes of a market rebalance.Saudi Arabia, which is the world’s largest oil exporter, agreed to limit its exports at 6.6 million barrels a day, while Nigeria also committed to taking part in production cuts if it reaches a production level of 1.8 million barrels a day.Nigeria and Libya have seen their own output rebound faster than expected. The two OPEC members have been exempt from the production-cut deal as their output recovers from years of civil unrest.At the MCX, crude oil futures for August 2017 contract closed at Rs 3086 per barrel, up by 2.97 per cent, after opening at Rs 3004, against a previous close of Rs 2997. It touched the intra-day high of Rs 3098.
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