Crude Oil Up As OPEC Plans Output Cut Extension

Crude oil futures closed higher in the domestic market on Friday as OPEC plans to make a decision on a possible extension of the output cuts at its meeting on May 25.

A number of technical indicators are giving oversold signals, which could provide a catalyst for the current sell-off to pause or bounce back a little before it continues its steep downward move again.

At the MCX, crude oil futures for May 2016 contract closed at Rs 2970 per barrel, up by 1.33 per cent, after opening at Rs 2917, against a previous close of Rs 2931. It touched the intra-day high of Rs 3009.

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Suhani Verma

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