Indian Stock Market Tips: Crude Futures Extend Gains On Saudi Arabia's Signal To End Supply Glut

Crude oil futures extended their gains on Tuesday after Saudi Arabia signaled its determination to end the global supply glut, also on data expected to show crude oil supplies fell for the fifth-straight week lifted sentiment. Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to "do whatever it takes" to rein in excess supplies. Though, the ongoing fluctuation of output in Iraq, continued to concern investors as crude supplies through Iraq's northern pipeline to Ceyhan in Turkey rose further. Pumping along the pipeline rose to 300,000 barrels per day (bpd) on Tuesday.

Benchmark crude oil futures for December delivery ended higher by 57 cents or 1.1 percent at $52.47 a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 1.52 percent to $58.33 a barrel on the ICE.

Get Daily Trading Tips Click Here>> Commodity Market Tips.

You May Also Like

0 comments

Note: only a member of this blog may post a comment.