Oil higher as output talks eyed
26/09/2016 11:19
Crude oil futures rose during late morning trade in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity ahead of a meeting between major oil producers this week to discuss possible output curbs in a bid to help ease a global supply glut and support prices. Algerian Energy Minister reportedly said that Saudi Arabia, the world’s leading crude exporter, is ready to slash output to January levels in a bid to convince other top producers to agree slashing production in Algeria this week. Marking the twelfth increase in 13 weeks, the US oil drilling count climbed by 2 to 418 last week. At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,002 per barrel, up by 0.81 per cent, after opening at Rs 2,996, against a previous close of Rs 2,978. It touched the intra-day high of Rs 3,004. (At 11:13 AM).
