Crude Oil Rises On OPEC Cutback Expectation

Crude oil futures closed higher in the domestic market on Friday as traders continued to weigh signs of OPEC-led cutbacks in global crude production ahead of a meeting of oil producers this weekend, against data pointing to the likelihood of further gains in U.S. output.

Oil prices have been under pressure for most of the week, as U.S. stockpiles hit a record, based on weekly data from the EIA going back to 1982.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3149 per barrel, up by 0.19 per cent, after opening at Rs 3145, against a previous close of Rs 3143. It touched the intra-day high of Rs 3158.

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Suhani Verma

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