Crude Oil Up On OPEC Production Cut Expectation

Crude oil futures closed higher in the domestic market on Tuesday buoyed by expectations that OPEC will decide later this week to extend production cuts for at least another six months.

Traders also weighed President Trump’s plan to sell some crude from the U.S. Strategic Petroleum Reserve as part of his broader budget proposal.

At the MCX, crude oil futures for June 2017 contract closed at Rs 3343 per barrel, up by 1 per cent, after opening at Rs 3303, against a previous close of Rs 3310. It touched the intra-day high of Rs 3346.

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Suhani Verma

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