Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures end higher on Thursday


Crude oil futures end higher on Thursday

Crude oil futures ended higher on Thursday buoyed by data showing a fall in February Organization of the Petroleum Exporting Countries (OPEC) output to its lowest in nearly four years. OPEC's crude production from edged down by 60,000 barrels a day to 30.8 million barrels a day in February from a month earlier. The output level was the lowest since March 2015, when Gabon, Equatorial Guinea and Congo had yet to join OPEC-though at the time, Qatar was still a member. Among the 11 members with quotas under the output cut agreement that began at the start of the year, compliance stood at 79%, with Saudi Arabia slashing output to 10.15 million barrels a day in February- its lowest since May 2018.

Benchmark crude oil futures for April surged 44 cents or 0.8 percent to settle at $56.66 a barrel on the New York Mercantile Exchange. May Brent crude gained 31 cents or 0.5 percent to settle at $66.30 a barrel on London's Intercontinental Exchange.

Related News

View all news

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday as steep declines in the US stock market fed an aversion to so-called riskier assets, which include oil. Meanwhile, the US-China trade dispute escalated as China......

Crude oil futures end marginally lower as trade-war worries limit upside

Crude oil futures ended marginally lower on Friday as escalation in the trade war has put a return in global growth worries, which would translate to softer crude demand. The Trump administration early......

Crude oil futures end lower on Thursday

Crude oil futures ended lower on Thursday as hopes for a US-China trade deal faded. Meanwhile, crude-oil production by OPEC edged up by 30,000 barrels a day in April to 30.26 million barrels a day. However,......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......