Crude oil futures moved further high and reached a five-week high on Tuesday, ahead of US inventories data that may show stockpiles continued to dwindle from record levels.
Traders overlooked downgrading the energy sector amid concerns that rig count growth will flatten out over the next few years. However, there was some concern too ahead of the Organization of the Petroleum and Exporting Countries meeting later this week. Some countries are not in favour of a nine-month extension, but there’s a preliminary agreement on a six-month deal that will be reviewed in November.
Benchmark crude oil futures for June delivery ended higher by $0.34 or 0.7 percent to $51.47 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended up by $ 0.32 to $54.19 on the ICE. For More Information About Commodity Market Please Visit : www.paceresearchindia.com and Call : 8817774774
Traders overlooked downgrading the energy sector amid concerns that rig count growth will flatten out over the next few years. However, there was some concern too ahead of the Organization of the Petroleum and Exporting Countries meeting later this week. Some countries are not in favour of a nine-month extension, but there’s a preliminary agreement on a six-month deal that will be reviewed in November.Benchmark crude oil futures for June delivery ended higher by $0.34 or 0.7 percent to $51.47 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended up by $ 0.32 to $54.19 on the ICE. For More Information About Commodity Market Please Visit : www.paceresearchindia.com and Call : 8817774774
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