Output freeze hopes lift Oil
16/08/2016 11:17
Crude oil futures jumped by more than 2 per cent during late morning trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after Saudi Arabia, OPEC’s biggest producer of oil, said that it is open to discussing measures to stabilizing the market, easing worries over a global supply glut. Meanwhile, a newspaper report said that Russia, a leading Non-OPEC producer is considering talks for a joint output freeze, if necessary. The market is speculating on a possible deal to cap production between OPEC and Non-OPEC countries. OPEC members are set to meet late next month in Algeria. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,044 per barrel, up by 2.46 per cent, after opening at Rs 3,000, against a previous close of Rs 2,971. It touched the intra-day high of Rs 3,047. (At 11:08 AM).
16/08/2016 11:17
