Tuesday, 26 September 2017

Crude oil rises as OPEC output deal extension likely


Crude oil futures closed higher in the domestic market on Monday as data showed major producers’ strong commitment to their agreement to cut output and as talk of a likely extension of the deal grows.

Oil prices have been going higher in recent weeks due, first and foremost, to evidence that OPEC and Russia’s efforts to reduce the global supply glut was showing positive results, and that the group was somewhat surprisingly sticking to their agreement. Talks that the production cuts could be extended has been providing further confidence to oil investors that the rally could be sustained.

At the MCX, crude oil futures for October 2017 contract closed at Rs 3410 per barrel, up by 3.74 per cent, after opening at Rs 3284, against a previous close of Rs 3287. It touched the intra-day high of Rs 3412.

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