Last month, OPEC and some non-OPEC producers
extended a deal to cut 1.8 million barrels per day in supply until March 2018. The
increase in U.S. drilling activity and shale production has offset efforts by
OPEC and other producers to cut output in a move to prop up the market. Oil
prices sank to the lowest level since November as concerns over a steady
increase in U.S. production added to fears over a glut in the market. The U.S.
West Texas Intermediate crude August contract closed at $42.53 a barrel, while Brent
oil for August delivery closed at $44.82 a barrel.
The benchmark RSS4 grade rubber closed at `.122
a kg at Kottayam, while RSS3 grade closed at `.114.18 a kg at
Bangkok and Malaysian SMR20 closed at `.89.51 a kg. On
National Multi Commodity Exchange July 2017, the futures closed at `.124.70
a kg, August at `.127.38 and September 2017 closed at `.126.85
a kg. Tokyo Commodity Exchange June 2017 futures series closed at ¥197 a kg, July
at ¥190.9, August at ¥192.1, September at ¥191.4, October at ¥186.8 and the
contract for delivery in November 2017 closed at ¥186.3 a kg. On Thursday, most
probably Tocom futures contract for delivery in November 2017 may trade in the
positive range of ¥187 & ¥195 a kg.
