Crude oil rises as crude production freeze likely
29/08/2016 08:29
Crude oil futures closed higher in the domestic market on Friday as Saudi Oil Minister Khalid Al-Falih said a crude production freeze by major producers would be positive and indicate contentment within their ranks with the current market supply situation. The developments kept oil futures in technical bull market territory, with both benchmarks having risen by over 20% since their last low point on 2 August. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3198 per barrel, up by 1.27 per cent, after opening at Rs. 3168, against the previous closing price of Rs. 3158. It touched the intra-day high of Rs. 3248.
29/08/2016 08:29
