Crude oil futures closed higher in the domestic market on Monday as expectations grow for an extension to the OPEC-led production cut agreement into the first quarter of next year. Major oil producers will join members of the Organization of the Petroleum Exporting Countries in Vienna this week to discuss extending the six-month agreement to cut production by 1.8 million barrels a day set to expire in June.
There is near unanimity among watchers that the deal will be extended, with the only real questions centered on length and severity of cuts. At the MCX, crude oil futures for June 2017 contract closed at Rs 3308 per barrel, up by 0.95 per cent, after opening at Rs 3299, against a previous close of Rs 3277. It touched the intra-day high of Rs 3330.
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