Crude oil keeps head above water

Crude oil keeps head above water

29/05/2017 14:01

Crude oil futures were trading marginally higher during the afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity after OPEC and other major producers, last week, extended their current deal to limit oil production for 9 months. However, a constant rise in the US drilling undermined an OPEC-led push to tighten supply, restricted further rise in crude oil prices.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,217 per barrel, up by 0.12 per cent, after opening at Rs 3,207, against a previous close of Rs 3,213. It touched the intra-day high of Rs 3,228 (at 13:49 hours).

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