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19-Aug2016

Crude oil futures trade higher on MCX

Crude oil futures traded higher on MCX as investors and speculators booked fresh positions in the energy commodity as reports emerged that the world's leading oil producers are open to discussing an output freeze, easing worries over a global supply glut. OPEC, a cartel which accounts for about 40 percent of global crude supplies and other leading producers including Russia could revive production freezing talks when they meet in Algeria in September.

The contract for August delivery was trading at Rs 3256.00, up by 1.06% or Rs 34.00 from its previous closing of Rs 3222.00. The open interest of the contract stood at 13831 lots.

The contract for September delivery was trading at Rs 3309.00, up by 0.98% or Rs 32.00 from its previous closing of Rs 3277.00. The open interest of the contract stood at 14148 lots on MCX. 


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