Crude oil rises as traders shook off OPEC decision disappointment 30/05/2017

Crude oil rises as traders shook off OPEC decision disappointment
30/05/2017

Crude oil futures closed higher in the domestic market on Monday as investors shook off disappointment that OPEC didn’t take more aggressive measures to cut production.
The Organization of the Petroleum Exporting Countries on last Thursday renewed an agreement with 10 other crude-oil producers to cap output through March 2018, but the production cuts won’t be deepened, as some investors had expected.
At the MCX, crude oil futures for June 2016 contract closed at Rs 3262 per barrel, up by 1.53 per cent, after opening at Rs 3207, against a previous close of Rs 3213. It touched the intra-day high of Rs 3270.

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