MCX COMMODITY OPTIONS TIPS : Oil jumps as SA, Russia back output cut extension to Mar 2018 15/05/2017

Oil jumps as SA, Russia back output cut extension to Mar 2018 15/05/2017

Oil jumps as SA, Russia back output cut extension to Mar 2018
15/05/2017

Crude oil futures jumped over 2 per cent during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity after Saudi Arabia and Russia supported crude output cut would be extended till March 2018.
Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said on Monday in Beijing, quoted Reuters that, a joint deal to cut crude supplies would be extended from the middle of this year until the end of March 2018.
“We've come to conclusion that the agreement needs to be extended,” the statement said.
“The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their 5-year average level,” it added.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3137 per barrel, up by 2.32 per cent, after opening at Rs 3085, against a previous close of Rs 3066. It touched the intra-day high of Rs 3140 (at 12:57 hours).

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