Crude Oil Gains As Iraqi Output Slows from Record levels.

Crude oil prices rose as Iraq’s OPEC governor expressed concerns regarding the nation’s slowing output, helping ease supply levels from near-record highs. Iraq OPEC governor Falah Alamri indicated that production nationwide is hovering around 4.5 million barrels per day, amid slowing output due primarily to poor weather, maintenance issues and numerous power outages

Prices also rose after US industry stock data showed a sharp drop at the end of last week. The American Petroleum Institute said that crude oil stock dropped 5.137 million barrels last week, compared to a decline of 3.3 million barrels seen, as refineries typically ramp up gasoline production as the summer driving season approaches next week in the US with the Memorial Day weekend.

At the MCX, crude oil futures for June 2016 contract were trading at Rs. 3,337 per barrel, up by 0.85 per cent, after opening at Rs. 3,321 against the previous closing price of Rs. 3,309. It touched the intra-day high of Rs. 3,339 till the trading. Prices also rose as Iraq’s OPEC governor expressed concerns regarding the nation’s slowing output, helping ease supply levels from near-record highs. Iraq OPEC governor Falah Alamri indicated that production nationwide is hovering around 4.5 million barrels per day, amid slowing output due primarily to poor weather, maintenance issues and numerous power outages

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