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01-Dec2017

Crude oil futures trade higher on MCX

Crude oil futures traded higher on MCX as speculators raised their bets, after OPEC and other major producers agreed to extend production curbs in a widely expected move aimed at ending a persistent glut in global supplies. The Organization of the Petroleum Exporters (OPEC) and non-OPEC producers led by Russia on Thursday agreed to maintain the output cut until the end of 2018, while also signaling a possible early exit from the deal if the market overheats.

The contract for December delivery was trading at Rs 3720.00, up by 0.9% or Rs 33.00 from its previous closing of Rs 3687.00. The open interest of the contract stood at 14907 lots.

The contract for January delivery was trading at Rs 3733.00, up by 0.78% or Rs 29.00 from its previous closing of Rs 3704.00. The open interest of the contract stood at 1207 lots on MCX.


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