Oil Bulls rule the roost
07/09/2016 11:16
Crude oil futures jumped more than 1 per cent during morning trade on Wednesday as investors and speculators booked fresh positions in the energy commodity amid 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. At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,996 per barrel, up by 1.08 per cent, after opening at Rs 2,981, against a previous close of Rs 2,964. It touched the intra-day high of Rs 3,006 (at 11:12 AM).
07/09/2016 11:16
