Oil Bulls back with a bang
19/08/2016 11:25
Crude oil futures rose during morning trade in the domestic market on Friday 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 per cent of global crude supplies and other leading producers including Russia could revive production freezing talks when they meet in Algeria in September. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,249 per barrel, up by 0.84 per cent, after opening at Rs 3,231, against a previous close of Rs 3,222. It touched the intra-day high of Rs 3,256. (At 11:21 AM).
