Crude oil futures settled at Rs 3,130 per barrel on August 14. Crude oil prices ended the week with a gain of Rs 35 or 1.13 percent.
The Covid-19 pandemic, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) for 2020 The concerns about the improvement in demand due to the Kovid-19 epidemic in 2020, the growing supply and downbeat demand perspective are sentimental.
The number of crude oil drilling rigs in the US fell from 176 rigs last week to 4 to 172 rigs, Baker Hughes said in a weekly report.
In the futures market, crude oil touched an intraday high of Rs 3,174 for an August delivery and an intraday low of Rs 33,166 per barrel on the MCX. So far in the current series, black gold has touched a low of Rs 2,520 and a high of Rs 3,263.
Crude oil supply fell by Rs 29 or 0.92 percent in August to settle at Rs 1,130 per barrel with a turnover of Rs 1,011 lakh. In September, crude delivery fell by Rs 28, or 0.88 percent, to close at Rs 3,168 a barrel with a trading volume of 180 lakhs.
The day-to-day August and September contracts were worth Rs 1,848.84 crore and Rs 9.91 crore, respectively.
West Texas Intermediate crude was down 0.02 percent at $ 42.23 a barrel, while London-based international benchmark Brent crude was down 0.02 percent at $ 44.95 a barrel.
Market participants will meet on August 18 on the American Petroleum Institute Weekly Report, on August 19 on the U.S. Energy Information Administration Inventory Report and on August 19 on the OPEC + oil production cuts.