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Monday 3 October 2016

Crude oil surges as OPEC plans to cut output : 3 Oct 2016

Crude oil futures closed higher in the domestic market on Friday as sentiment remained supported after OPEC members agreed on output cuts for the first time in eight years, despite some skepticism among analysts over the implementation of such an agreement.

The oil cartel reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day, a reduction of 0.7 per cent-to-2.2 per cent from its current output of 33.2 million barrels.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3211 per barrel, up by 0.22 per cent, after opening at Rs 3190, against a previous close of Rs 3204. It touched the intra-day high of Rs 3223.


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