Futures contracts of crude oil rose nearly 1% on the MCX, as investors bought the commodity after prices fell in the past two sessions. Prices had fallen earlier taking cues from the benchmark contracts on the NYMEX due to a rise in output in Libya and Nigeria in July. Libya’s output rose by 180,000 barrel per day on month in July, while Nigeria's was up by 30,000 bpd, according to a survey by Platts.Prices also rose after the United Arab Emirates, Iraq, Kazakhstan and Malaysia affirmed their commitment to the oil production cuts at the meeting held in Abu Dhabi.
Source : Newswire
More will update soon!!
