Crude oil futures locked higher in the domestic market on Monday as the Organization of the Petroleum Exporting Countries announced that it’ll hold an spontaneuos meeting next month to discuss ways to restore stability and order to the crude market.
Analysts said the oil market found reason to rally after OPEC President Mohammed bin Saleh al-Sada, who is also Qatar’s energy minister, said the cartel will hold an informal meeting in Algeria on September 26-28 on the sidelines of the 15th International Energy Seminar.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2905 per barrel, up by 4.27 %, after opening at Rs. 2795, against the previous closing price of Rs. 2786. It touched the intra-day high of Rs. 2907.