Global benchmark Brent futures prices fell 0.6% on Friday. West Texas Intermediate also edged lower, posting its first weekly decline in three weeks. A fresh bout of bond volatility spurred a risk-off mood across markets, with U.S. equities declining and the dollar strengthening. Meanwhile, Indian fuel sales dipped in February amid higher pump prices, but demand has been climbing in the U.S. and the U.K.
Crude Oil Tips Expert : MCX Crude price yesterday settled down by 1.87% at 4680 as easing concern of a supply disruption in Saudi Arabia countered the prospects for tighter supply due to OPEC+ output curbs.
OPEC+ To Extend Oil Production Cuts Till April. The Organization of the Petroleum Exporting Countries Plus, in its latest meeting, agreed to extend production cuts from March to April 2021.
Why Higher Crude Prices : Brokerages expect Indian oil explorers like Oil & Natural Gas Corp. and Oil India Ltd. to benefit from rising crude prices, stemming from optimism over vaccination drives across the world and a pick-up in economic activity. But there are other concerns around the two oil explorers.
Crude Oil prices declined in New York after an industry report showed U.S. crude stockpiles rose last week amid a spate of refinery outages from the country’s recent cold snap.
Crude Oil MCX Tips Today Hit All Target 4457. Futures in London rose back above $63 a barrel after the gradual resumption of some U.S. output following frigid weather put prices under pressure on Friday.