Crude oil Surges On OPEC Report

Crude oil futures closed higher in the domestic market on Tuesday as a report from the Organization of the Petroleum Exporting Countries revealed forecasts for higher oil demand and lower production next year.

The OPEC report also warned that the U.K.’s vote to leave the European Union poses risks to global economic growth and oil demand in Europe.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,135 per barrel, up by 3.84 per cent, after opening at Rs. 3,012, against the previous closing price of Rs. 3,019. It touched the intra-day high of Rs. 3147.
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Suhani Verma

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