Crude Oil Up On Dip In US Crude Oil Rigs

Crude oil futures closed higher in the domestic market on Friday as data showed the first decline in the number of active U.S. oil rigs in 24 weeks amid fed expectations for further reductions in crude production. 

Still, investors remain skeptical that oil prices have stabilized because of the potential for stronger output from Libya and Nigeria, members of the Organization of the Petroleum Exporting Countries who aren’t taking part in the cartel-led production-cut agreement. 

At the MCX, crude oil futures for July 2017 contract closed at Rs 2972 per barrel, up by 1.85 per cent, after opening at Rs 2924, against a previous close of Rs 2918. It touched the intra-day high of Rs 2972.

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Suhani Verma

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