Crude Oil Up On Upbeat Signals From OPEC

Crude oil futures closed higher in the domestic market on Monday as traders digested upbeat signals from OPEC, supply disruptions in Iraq and a drop in U.S. drilling activity. Traders tracked a range of developments over the weekend. In northern Iraq, continued fighting between government forces and Kurdish separatists exacerbated fears of supply constraints, which have helped pushed oil prices higher in recent weeks. At the MCX, crude oil futures for November 2017 contract closed at Rs 3388 per barrel, up by 0.47 per cent, after opening at Rs 3393, against a previous close of Rs 3372. It touched the intra-day high of Rs 3408. 

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Suhani Verma

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