Crude oil futures closed higher in the domestic market on Monday as traders assessed last week’s preliminary production agreement by OPEC and it’s potential to curb the global glut.
With so much resting on OPEC, other analysts were quick to dampen any overly enthusiastic price forecasts for the rest of 2016.
At the MCX, crude oil futures for October 2016 contract closed at Rs 3248 per barrel, up by 1.12 per cent, after opening at Rs 3202, against a previous close of Rs 3212. It touched the intra-day high of Rs 3313.
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