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Crude oil Updates for February -13,2017

Crude oil Updates for February -13,2017

Crude oil futures closed higher in the domestic market on Friday as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output.

But prices barely logged a weekly gain, pressured by expectations for further growth in U.S. crude production.

At the MCX, crude oil futures for February 2016 contract closed at Rs 3606 per barrel, up by 1.75 per cent, after opening at Rs 3545, against a previous close of Rs 3544. It touched the intra-day high of Rs 3620.

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