Crude Oil Rises As OPEC Output Cut Extension Likely

Crude oil futures closed higher in the domestic market on Monday as comments from major producers hint at a possible extension in crude-output cuts beyond this year. According to media reports, the members of the Organization of the Petroleum Exporting Countries are discussing the possibility of extending the output curbs until the end of the first quarter of 2018.

OPEC plans to make a decision on whether to extend the production-cut agreement at its next meeting in Vienna on May 25.

At the MCX, crude oil futures for May 2016 contract closed at Rs 2983 per barrel, up by 0.47 per cent, after opening at Rs 2997, against a previous close of Rs 2969. It touched the intra-day high of Rs 3015.

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Suhani Verma

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