Crude Oil Rises As Traders Weigh Impact Of OPEC Decision

Crude oil futures closed higher in the domestic market on Friday as investors shook off disappointment that OPEC didn’t take more aggressive measures to cut production.

The Organization of the Petroleum Exporting Countries on Thursday renewed an agreement with 10 other crude-oil producers to cap output through March 2018, but the production cuts won’t be deepened, as some investors had expected.

At the MCX, crude oil futures for June 2016 contract closed at Rs 3216 per barrel, up by 1.20 per cent, after opening at Rs 3149, against a previous close of Rs 3178. It touched the intra-day high of Rs 3220.

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Suhani Verma

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