Crude oil futures jump to Rs. 3422 per barrel

Crude oil futures jump to Rs. 3422 per barrel

Oil prices fluctuated Monday amid concerns about the potential for supply disruptions resulting from tensions in the oil-rich Kurdish region of Iraq.

The number of USA rigs drilling for new oil fell by seven to 736 in the week to October 20, the lowest level since June, energy services firm Baker Hughes said on Friday.

United States crude futures settled up 18 cents, or 0.4 per cent, at $US51.47 a barrel.

And, news that OPEC compliance with the oil output cap continues is also helping to keep the supply of oil at a pace that helps keep prices around the $60 per barrel mark the cartel is said to target. For the week, WTI prices rose about 0.8%, the second-straight weekly gain.

WTI Crude oil is trading at $52.09, up +0.52% as of 8:45 GMT.

NAIJ.com earlier reported that Nigeria's hope on growing the economy through oil rose as price of oil became steady in the market.

Since OPEC and 10 other non-OPEC countries struck an agreement to cut global production by 1.8 million a barrels a day past year, US producers drilled a total of 7,270 uncompleted wells up until September.

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The original deal, struck almost a year ago between OPEC and 10 other non-OPEC countries led by Russian Federation, was to cut production by 1.8 million barrels a day for six months.

Analysts said besides profit-booking by speculators at prevailing higher levels, fall in demand at the spot market mainly weighed on crude palm oil prices.

In other energy trading Friday, gasoline futures advanced 3.3 cents, or 2%, to end at $1.678 on Friday.

In the week ahead, market participants will eye fresh weekly information on USA stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world's largest oil consumer.

Iraqi Oil Minister Jabar al-Luaibi said on Saturday oil exports were increasing from the southern Basra region by 200,000 bpd to make up for a shortfall from the northern Kirkuk fields.

The U.S. government is set to produce a weekly report on natural gas supplies in storage.

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