Monday, 15 February 2016

Latest News Mcx Crude Oil

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Crude oil futures soared by almost 9 per cent in the domestic market on Friday, marking the biggest single-day gain in seven years overseas as investors cheered speculation of coordinated production cuts by the OPEC.


 A cartel that accounts for about 40 per cent of global crude supplies, are preparing to cooperate on possible output cuts. He added that while Non-OPEC members such as the US were being forced to lower output due to falling oil prices.

Any OPEC deal will need the approval of Saudi Arabia, OPEC’s biggest crude exporter and their prime policy maker. 

A drop in the number of rigs drilling for oil in the US signaled lower production ahead, supporting sentiment. Baker Hughes said that US oil drilling count fell by 28 to 439 last week.

2 comments:

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