Crude oil futures closed higher in the
domestic market on Tuesday finding support from weakness in the U.S.
dollar as traders continued to weigh the likelihood of an output-freeze
agreement by major producers next month.
Several analysts have argued that a production cap at a time when
producers are pumping at top speed would hardly take enough barrels off
the market to make a material difference. Others have expressed
skepticism that the 14-member bloc would be able to forge a consensus
given the historical tension among some players.
At the MCX, Crude oil futures for August 2016 contract closed at Rs.
3103 per barrel, up by 4.44 per cent, after opening at Rs. 3000, against
the previous closing price of Rs. 2971. It touched the intra-day high
of Rs. 3114.
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