Crude oil futures jumped more than 1% during
morning trade on Wednesday as investors and speculators booked fresh positions
in the energy commodity amid optimism that the Saudi-Russia accord may lead to
stability in the market and help ease a supply glut. Saudi Arabia and Russia, 2
of the top oil producers in the world, have said that they would establish a
working group that will keep a close watch on the oil market and come up with
measures to promote stability in prices. At the MCX, crude oil futures for Sep
2016 contract is trading at Rs 2,996 per barrel, up by 1%, after opening at Rs
2,981, against a last close of Rs 2,964. It touched the intra-day high of Rs
3,006.
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