Crude Oil Rises As More Production Cut Likely

Crude oil futures closed higher in the domestic market on Tuesday as investors bet on more production cuts by major producers, in the hope that global stockpiles will be reduced.

The agreement between OPEC members and other major producers including Russia calls for participants to cut 1.8 million barrels a day of their collective output. The objective is to reduce global inventories to the five-year average.

At the MCX, crude oil futures for May 2016 contract closed at Rs 2983 per barrel, up by 0.10 per cent, after opening at Rs 2999, against a previous close of Rs 2980. It touched the intra-day high of Rs 3024. 
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Suhani Verma

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