Crude Oil Surges On Production Cut Hopes From OPEC

Crude oil futures were trading higher during noon trade in the domestic market on Monday as investors and speculators build up fresh bets in the energy commodity on hopes that OPEC will extend a pledge to slash output to cover all of 2017 to restore balance to a market dogged by oversupply.

However, US drillers added oil rigs for the 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost US shale production next month, capped gains.

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3223 per barrel, up by 0.47 per cent, after opening at Rs 3220, against a previous close of Rs 3208. It touched the intra-day high of Rs 3233.
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Suhani Verma

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