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Crude oil surges on OPEC report

Crude oil surges on OPEC report

Crude oil futures ended higher in the domestic market on Tuesday as a report from the Organization of the Petroleum Exporting Countries revealed forecasts for higher Crude oil demand & lower production next year.

The OPEC report also warned that the U.K.’s vote to leave the European Union poses risks to global economic growth & oil demand in Europe.

At the MCX, Crude oil futures for July 2016 contract ended at Rs. 3,135/barrel, up by 3.84 %, after opening at Rs. 3,012, against the last closing price of Rs. 3,019. It touched the intra-day high of Rs. 3147.

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