Published on 19/05/2017 2:34:17 PM | Source: Dion Global Solutions Ltd

Crude oil zooms 1.16% on output cut extension hopes

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity on growing optimism that big producing countries will extend output cuts to curb a persistent crude glut.

Market participants remained optimistic that OPEC, Russia and other big producers will extend production cuts of almost 1.8 million barrels per day (bpd) until the end of March 2018.

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3240 per barrel, up by 1.16 per cent, after opening at Rs 3220, against a previous close of Rs 3203. It touched the intra-day high of Rs 3241 (at 13:41 hours).