Crude oil rises as OPEC likely to extend output cut
17/02/2017 08:19
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Crude oil futures closed higher in the domestic market on Thursday on speculation that OPEC will extend its output cut agreement, but prices stuck to a tight trading range. The news was seen as a “bullish development as traders were beginning to have doubts about future compliance among those who agreed to cut production, especially in the face of rising U.S. output. At the MCX, crude oil futures for February 2016 contract closed at Rs 3586 per barrel, up by 0.99 per cent, after opening at Rs 3550, against a previous close of Rs 3551. It touched the intra-day high of Rs 3596.