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Crude oil price have got some support due to a decrease in the number of rigs in the world's biggest consumer of crude oil USA. Foreign crude oil is trading near $ 45.40 per barrel with a gain of near about one per cent.
Oil production companies are now facing loss due to the Crude oil prices fall and because of that the number of oil rigs has decline for the third consecutive week. According to the energy and crude oil market expert firm McKenzie Woods of the oil prices below 50 dollars is not profitable for US oil producing companies.
Crude Updates: Possible support in MCX Crude
The impact of price fall in Global market may appear in Domestic market too. on MCX Commodity exchange crude oil is likely to open higher in early trade. On the other hand Rupee is also weak against US dollar so it may support Crude oil to get a strong support as per our experts.
