Crude oil futures closed higher in the domestic market on Thursday but geopolitical concerns and indications from the Organization of the Petroleum Exporting Countries that members are considering action that could trigger higher prices limited moves for oil.
OPEC’s consideration of a change in its crude stocks target from a five-year average to a seven-year average indicated they were looking at actions to further boost oil prices.
At the MCX, crude oil futures for April 2018 contract closed at Rs 4239 per barrel, up by 1.29 percent, after opening at Rs 4183, against a previous close of Rs 4185. It touched the intra-day high of Rs 4245.
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