Crude oil dips on rise in rigs drilling for oil

Crude oil dips on rise in rigs drilling for oil

26/12/2016 08:27

Crude oil futures closed lower in the domestic market on Friday as rig-count data showed an eighth straight week of an increasing number of rigs drilling for oil.

Rig counts have climbed over the past two months as prices have risen on the back of a pact reached by the Organization of the Petroleum Exporting Countries and other big producers of oil to reduce the world’s global glut of crude.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3593 per barrel, down by 0.39 per cent, after opening at Rs 3605, against a previous close of Rs 3607. It touched the intra-day low of Rs 3555.

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