Crude oil rises on likely OPEC deal decision
31/10/2017 07:48
KEEP REFRESH FOR NEXT UPDATE
Click Below Link
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
Crude oil futures closed higher in the domestic market on Monday as prices got a boost on speculation that the Organization of the Petroleum Exporting Countries and other major producers will agree to extend their production-cut deal through the end of the next year. Saudi Arabia and Russia, the world’s two largest producers of crude oil, want to extend the output-cut deal through the end of next year. The Organization of the Petroleum Exporting Countries and some major producers outside the cartel first agreed late last year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices. OPEC is expected to debate a possible extension at its next official meeting in Vienna on Nov. 30. At the MCX, crude oil futures for November 2017 contract closed at Rs 3515 per barrel, up by 0.40 per cent, after opening at Rs 3510, against a previous close of Rs 3501. It touched the intra-day high of Rs 3540.