Crude oil rises 1.08% on potential OPEC cut extension

Crude oil rises 1.08% on potential OPEC cut extension

28/04/2017 13:48

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity on potential OPEC cut extension.

Analysts said that oil rises on the back of OPEC saying it was keen to find a deal that would ensure a drawdown of excess fuel supplies.

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3181 per barrel, up by 1.08 per cent, after opening at Rs 3159, against a previous close of Rs 3147. It touched the intra-day high of Rs 3196 (at 13:41 hours).

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