Crude Oil MCX Above ₹ 4733 Under Fresh Buying Zone, Big Target
Crude Oil on MCX settled up 1.73% at 4767 amid reports that Saudi Arabia pumped fewer crude barrels in July, while the U.S. saw a drop in active drilling rigs. Oil prices made a bright start to the session as bulls cheered a drop in Saudi output and signs of tightening U.S. output.
Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation fell by 2 to 861. Saudi Arabia, meanwhile, pumped around 10.29 million barrels per day (bpd) of crude in July, Reuters reported Friday, citing two OPEC sources, down about 200,000 bpd from a month earlier.
The fall is Saudi output arrived despite OPEC and non-OPEC members agreeing in June to ease oil production limits, which had been imposed as part of the production-cut agreement struck in November 2016.
Expectations for steep losses of Iranian crude from the market had waned somewhat in recent weeks after the Trump offered to meet with his Iranian counterpart Hassan Rouhani, while U.S. Treasury Secretary Steve Mnuchin said the United States would consider waivers for certain countries importing Iranian crude. – Neal Bhai Reports (NBR)
