Crude oil futures zoom on global cues 07/09/2016

Crude oil futures zoom on global cues
07/09/2016 15:16

Crude oil futures were trading higher during the afternoon trade in the domestic market on Wednesday as investors and speculators widened their bets in the energy commodity on dollar weakning and amidst optimism that the Saudi-Russia accord may lead to stability in the market and help ease a supply glut.
Saudi Arabia and Russia, two 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.
Weaker greenback makes crude less expensive for those holding other currencies, thus rising demand.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,006 per barrel, up by 1.42 per cent, after opening at Rs 2,981, against a previous close of Rs 2,964. It touched the intra-day high of Rs 3,016 (at 15:11 hours).