Crude Oil Rises As Libya, Nigeria To Attend OPEC Meet

Crude oil futures closed higher in the domestic market on Monday as news that Libya and Nigeria have been invited to join OPEC’s meeting with other major producers later this month provided support to futures prices.

The two countries had been exempted from the pact among major oil producers, led by the Organization of the Petroleum Exporting Countries, to limit global production and ease a glut of oil that has plagued the industry.

The belief is that rising Libyan and Nigerian output are undermining both the efforts at rebalancing the market and the unity of the OPEC/non-OPEC coalition.Providing some support for oil prices, however, OPEC is considering putting a cap on how much oil members Nigeria and Libya can pump.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2876 per barrel, up by 0.45 per cent, after opening at Rs 2882, against a previous close of Rs 2863. It touched the intra-day high of Rs 2893.

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Suhani Verma

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