Crude oil Updates - Crude oil prices rose by 1.63 per cent on Monday supported by a fall in the number of US production rigs in use, but analysts said general oversupply was keeping the market weak. A falling rig count in the United States which is expected to lead to a decline in 2016 production helped support prices. Baker Hughes said the US rig count fell by 26 to 413 in the week ended February 19, 2016.
At the MCX, crude oil futures for March 2016 contract were trading at Rs. 2,239 per barrel, up by 1.63 per cent, after opening at Rs. 2,220 against the previous closing price of Rs. 2,203. It touched the intra-day high of Rs. 2,244 till the trading.
However, traders continued to focus on a global supply glut in the midst of doubts over the likelihood of a collective cut happening anytime soon.
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