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Crude oil Jumps upward as crude producers meet

Crude oil Jumps upward as crude producers meet

Crude oil futures ended bigger in the domestic market on Friday with some of the world’s biggest crude producers expected to hold a meeting to fine-tune last month’s agreement to curb production.

Traders are eagerly awaiting the outcome of a summit between oil-producing members & nonmembers of OPEC. OPEC is hoping to get other big producers to join it in cutting output, in an effort to stabilize the struggling oil market, but market participants are doubtful, which has hemmed in oil prices throughout the week.

At the MCX, crude oil futures for December 2016 contract ended at Rs 3473/barrel, upward by 1.34 %, after opening at Rs 3440, against a last close of Rs 3427. It touched the intra-day max of Rs 3490.

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