Crude oil higher as OPEC touts compliance to cuts
22/02/2017 08:33
Crude oil futures closed higher in the domestic market on Tuesday as investors bid up futures contracts on the heels of growing optimism about compliance to a global pact to curb crude output. The crude rally came as OPEC’s Secretary-General, Mohammad Sanusi Barkindo, offered encouragement about the effectiveness of the Organization of the Petroleum Exporting Countries’ and non-OPEC countries’ agreement to shrink crude supply by about 2 per cent globally, or 1.8 million barrels daily. At the MCX, crude oil futures for March 2016 contract closed at Rs 3665 per barrel, up by 1.16 per cent, after opening at Rs 3626, against a previous close of Rs 3623. It touched the intra-day high of Rs 3694.
22/02/2017 08:33
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Crude oil futures closed higher in the domestic market on Tuesday as investors bid up futures contracts on the heels of growing optimism about compliance to a global pact to curb crude output. The crude rally came as OPEC’s Secretary-General, Mohammad Sanusi Barkindo, offered encouragement about the effectiveness of the Organization of the Petroleum Exporting Countries’ and non-OPEC countries’ agreement to shrink crude supply by about 2 per cent globally, or 1.8 million barrels daily. At the MCX, crude oil futures for March 2016 contract closed at Rs 3665 per barrel, up by 1.16 per cent, after opening at Rs 3626, against a previous close of Rs 3623. It touched the intra-day high of Rs 3694.
