Crude oil rises as OPEC deal extension likely
01/11/2017 07:42
Saudi Arabia and Russia, the world’s two largest producers of crude oil, want to extend the output-cut deal through the end of next year. The Organization of the Petroleum Exporting Countries and some major producers outside the cartel first agreed late last year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices. OPEC is due to meet Nov. 30 to discuss the output cuts which were implemented in January in an attempt to accelerate the draining of global stocks after more than three years of surplus supplies.
At the MCX, crude oil futures for November 2017 contract closed at Rs 3531 per barrel, up by 0.51 per cent, after opening at Rs 3512, against a previous close of Rs 3513. It touched the intra-day high of Rs 3535.
01/11/2017 07:42
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Crude oil futures closed higher in the domestic market on Tuesday supported by increased talk that members of the Organization of the Petroleum Exporting Countries and other producers, including Russia, would extend production cuts beyond the current end date of March 2018.Saudi Arabia and Russia, the world’s two largest producers of crude oil, want to extend the output-cut deal through the end of next year. The Organization of the Petroleum Exporting Countries and some major producers outside the cartel first agreed late last year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices. OPEC is due to meet Nov. 30 to discuss the output cuts which were implemented in January in an attempt to accelerate the draining of global stocks after more than three years of surplus supplies.
At the MCX, crude oil futures for November 2017 contract closed at Rs 3531 per barrel, up by 0.51 per cent, after opening at Rs 3512, against a previous close of Rs 3513. It touched the intra-day high of Rs 3535.
