MCX Crude Oil future were trading higher during afternoon trade in the domestic market on monday as investor and speculators widening their position in the energy commodity amid optimism on efforts by OPEC and other producers to cut output and bring the market into balance.
However, gains were limited as investors gauged whether an increase in the US drilling rings and record stockpiles would undermine efforts by OPEC. Last year, OPEC and other Producers, including Russia, agreed to cut output by almost 1.8 Million barrels per day ( bpd) during the first half of 2017.
At the MCX, Crude oil future for March 2017 contract is trading at Rs. 3625 per barrel, up by 0.58 per cent, after opening at Rs. 3611, against a previous close of Rs. 3604, IT touched the intraday high of Rs. 3628.
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