Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude futures end near multi-month highs on optimism of end to the global supply glut in 2018

27-Oct2017

Crude futures end near multi-month highs on optimism of end to the global supply glut in 2018

Crude oil futures rallied on Thursday, nearing their multi-month highs amid optimism the global supply glut will end in 2018. Prices moved higher also on growing expectations that Opec would extend its supply-cut agreement amid bullish comments from Saudi Arabian Crown Prince Mohammed bin Salman. He insisted that Opec need to continue stabilizing the market. The bullish comments helped turn sentiment on oil prices positive amid investor concerns over recent data showing both U.S. crude supplies and domestic production jumped last week. 

Benchmark crude oil futures for December delivery ended higher by 46 cents or 0.9 percent at $52.64 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained 44 cents to $59.30 a barrel on the ICE. 

Related News

View all news

Crude oil futures end higher on Monday

Crude oil futures ended higher for second straight session on Monday amid speculation about a likely drop in demand due to the impact of the US-China trade dispute on global economic growth. President......

Crude oil futures trade higher on MCX

Crude oil futures traded higher on MCX as speculators enlarged their positions following firm trend overseas as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked worries......

Crude oil futures edged higher on Friday

Crude oil futures edged higher on Friday, recovering from recent losses, after upbeat exports data from China and the rally in stock markets helped ease concerns about economic slowdown and allay fears......

Top News

View all news

PNB plans to sell non-core assets worth Rs 8,600 crore during FY19

Punjab National Bank (PNB) has recognized various assets, including its housing finance arm, for sale and hopes to realise Rs 8,600 crore from these non-core assets during the current fiscal. Meanwhile,......

SBI launches YONO six-day shopping festival

State Bank of India's (SBI) digital service platform YONO has launched a six-day shopping festival beginning October 16 in which customers using the app for shopping via online portals can avail discounts.......

Victory Paper to set up textile unit in Tamil Nadu

Victory Paper and Boards has received an approval for setting up of textile unit at Karur in the state of Tamil Nadu as a part of diversification of the operations of the company and purchase of 32.73......