Crude oil rises strong global cues 16/08/2016

Crude oil rises strong global cues
16/08/2016 08:59
Crude oil futures closed higher in the domestic market on Friday as Russia reportedly said it’s willing to cap production along with other crude producers if necessary. The comments fed expectations that major producers may agree to freeze output at an informal meeting set for next month. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2975 per barrel, up by 2.16 per cent, after opening at Rs. 2930, against the previous closing price of Rs. 2912. It touched the intra-day high of Rs. 2984.