Monday, 30 May 2016

Latest Crude Oil Market UpDate

Crude oil futures advanced during morning trade in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity after a drop in US rig count last week signaled lower production ahead, easing worries over a global supply glut. 



Industry research firm Baker Hughes said that the number of rigs drilling for oil in the US declined by two to 316 last week.
The focus now shifts to the OPEC’s meet at Vienna on Thursday in which the cartel that accounts for almost 40 per cent of global crude supplies may keep the production target unchanged amid a recent resurgence in prices.
At the MCX, crude oil futures for May 2016 contract were trading at Rs. 3,316 per barrel, up by 0.18 per cent, after opening at Rs. 3,329, against the previous closing price of Rs. 3,310. It touched the intra-day high of Rs. 3,329. (At 10:47 AM).

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