Crude oil dips as investors await OPEC meet details
09/08/2017
Crude oil futures closed lower in the domestic market on Tuesday as investor sought details from an OPEC meeting to discuss a deal to further cap crude oil production. The cautious mood vershadowed reports that Saudi Arabia is planning to scale back exports to Asia next month. The two-day gathering in Abu Dhabi, United Arab Emirates is focusing on members’ compliance with the output pact the cartel signed with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effect in tamping down global output or inventories. Investors remained skeptical over how effectively the Organization of the Petroleum Exporting Countries can enforce compliance. At the MCX, crude oil futures for August 2017 contract closed at Rs 3136 per barrel, down by 0.25 per cent, after opening at Rs 3129, against a previous close of Rs 3144. It touched the intra-day low of Rs 3116.
09/08/2017
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Crude oil futures closed lower in the domestic market on Tuesday as investor sought details from an OPEC meeting to discuss a deal to further cap crude oil production. The cautious mood vershadowed reports that Saudi Arabia is planning to scale back exports to Asia next month. The two-day gathering in Abu Dhabi, United Arab Emirates is focusing on members’ compliance with the output pact the cartel signed with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effect in tamping down global output or inventories. Investors remained skeptical over how effectively the Organization of the Petroleum Exporting Countries can enforce compliance. At the MCX, crude oil futures for August 2017 contract closed at Rs 3136 per barrel, down by 0.25 per cent, after opening at Rs 3129, against a previous close of Rs 3144. It touched the intra-day low of Rs 3116.
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