Crude Oil Rises As OPEC Production Cut Likely

Crude oil futures closed higher in the domestic market on Monday after energy ministers from Saudi Arabia and Russia released a joint statement backing a nine-month extension of OPEC-led production cuts.

Late last year, OPEC and a handful of non-cartel producers, including Russia, agreed to reduce collective daily output by 1.8 million barrels. The latest OPEC production data indicated that stockpiles remain elevated, even as participants have complied with the output quotas.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3152 per barrel, up by 2.80 per cent, after opening at Rs 3085, against a previous close of Rs 3066. It touched the intra-day high of Rs 3182.

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Suhani Verma

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