Crude Oil Rises On Dip In US Crude Production

Crude oil futures closed higher in the domestic market on Thursday after U.S. data revealed a sizable weekly decline in domestic crude production. But returns were modest, as some analysts pointed out that the crude output decline is likely temporary, given the effect of storm disruptions to activity in the Gulf of Mexico. Others pondered whether the slide in prices was at last putting at least a dent in the U.S. shale ramp up.

The resiliency and the increasing efficiency demonstrated by U.S. producers has helped to undercut efforts led by the Organization of the Petroleum Exporting Countries to lower global inventories. Since January, when OPEC members and Russia began cutting output, oil prices have fallen more than 16% and the glut has remained.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2922 per barrel, up by 1.04 per cent, after opening at Rs 2904, against a previous close of Rs 2892. It touched the intra-day high of Rs 2946.

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Suhani Verma

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