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23-Mar2018

Crude oil futures trade higher on MCX

Crude oil futures traded higher on MCX as speculators enlarged their positions, pushed up by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market. Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply restraints in 2019 to reduce the global oil oversupply.

The contract for April delivery was trading at Rs 4238.00, up by 0.88% or Rs 37.00 from its previous closing of Rs 4201.00. The open interest of the contract stood at 23671 lots.

The contract for May delivery was trading at Rs 4242.00, up by 0.83% or Rs 35.00 from its previous closing of Rs 4207.00. The open interest of the contract stood at 2469 lots on MCX.


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