Crude oil futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity on expectation that the OPEC-led production cut likely to extend beyond 2017. During an industry event in Malaysia’s capital Kuala Lumpur on Monday, Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih said that, “Based on the consultations I have had with participating members, I am rather confident the agreement will be extended into the second half of the year and possibly beyond.”
At the MCX, crude oil futures for May 2017 contract is trading at Rs 2972 per barrel, up by 0.10 per cent, after opening at Rs 2997, against a previous close of Rs 2969. It touched the intra-day high of Rs 3015 (at 13:27 hours).
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