Crude oil futures rose during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity amid optimism as Organization of Petroleum Exporting Countries (Opec) and non-Opec members are set to start trimming output from new year to support oil prices.
Prices of crude has been supported in the past several weeks as the Opec and non-Opec members have agreed to cut output by almost 1.8 million bpd from January 1, 2017.
At the MCX, crude oil futures for January 2017 contract is trading at Rs 3,620 per barrel, up by 0.50 per cent, after opening at Rs 3,614, against a previous close of Rs 3,602. It touched the intra-day high of Rs 3,635
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