Crude oil futures rise on global cues 21/02/2017

Crude oil futures rise on global cues
21/02/2017 13:35

Crude oil futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity as hedge funds are betting big across oil markets following OPEC output cuts agreed last year.
Now, participants hold more crude futures and options after members of the Organization of the Petroleum Exporting Countries (OPEC) committed last year to reduce output.
Last year, OPEC and other producers, including Russia, agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017.
At the MCX, crude oil futures for March 2017 contract is trading at Rs 3636 per barrel, up by 0.36 per cent, after opening at Rs 3626, against a previous close of Rs 3623. It touched the intra-day high of Rs 3639 (at 13:27 hours).