Crude Oil Rises As OPEC Agreement Extension Likely

Crude oil futures closed higher in the domestic market on Tuesday as prices rebounded on talk of a possible extension to the OPEC-led production cut agreement.

Prices had spent much of the session trading lower, as investors awaited this week’s updates on U.S. crude-supply levels, before inching higher after The Wall Street Journal reported that Saudi Arabia told officials from the Organization of the Petroleum Exporting Countries that it wants to extend the group’s agreement to cut crude production for another six months when OPEC meets in May.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3446 per barrel, up by 0.64 per cent, after opening at Rs 3436, against a previous close of Rs 3424. It touched the intra-day high of Rs 3456.

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Suhani Verma

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