Crude Oil Rises On Libya Oil Field Shutdown

Crude oil futures closed higher in the domestic market on Monday as the shutdown of Libya’s largest oil field and uncertainty in the Middle East, following the U.S. airstrike on Syria, raised concerns over disruptions to global crude supplies.

Despite the tensions, the longer-term outlook for oil continues to favor the bears as U.S. oil output continues to climb much faster than expected.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3423 per barrel, up by 1.91 per cent, after opening at Rs 3375, against a previous close of Rs 3359. It touched the intra-day high of Rs 3430.

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Suhani Verma

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