EPIC RESEARCH MCX CRUDE OIL UPDATE OF 03 April 2017

Posted by aditi on 12:00:00 with No comments
WTI oil prices rose 5.5 percent last week to close at $50.6 per barrel while MCX oil prices rose by 4.5 percent to close at Rs.3284 per barrel. Prices rose to their highest in three weeks after Kuwait backed an extension of OPEC production cuts to reduce a global glut. Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension of a deal between the Organization of the Petroleum Exporting Countries and other exporters to limit output, state news agency KUNA reported. Supply disruptions continued in Libya and the OPEC-led output cut by producing countries looked likely to be extended.

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