By Srinivas Chowdary Sunkara // petrobazaar // 30-3-18.
Crude rallied to new highs
Yesterday, Both the crude oil futures went up a little. Equity market rally and USD supported the oil prices. OPEC statement of extending the production cuts also pushed oil prices although investor weighed the surging U.S crude oil inventories along with the rising production.
Owing to Ester break, Rig data was released on Thursday. Number of rigs dipped slightly as per the rig count data. 7 nos of oil rigs were taken out from the operation, 5 nos were added to the natural gas drilling coming to net decline of 2 nos during the last week. Both the oil futures were jumped by above 5% since the beginning of the month and U.S crude prices were shot up by above 7% while Brent prices soared by 5% during the quarter. second quarter should be interesting.
Crude oil price update
On Thursday, U.S crude futures added 56 cents to close at $64.94 per barrel on Nymex while Brent futures were closed up by 75 cents at $70.28 a barrel on London based ICE futures Europe exchange. Both the futures were settled down with weekly loss.
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