Crude oil prices rose by 2.49 per cent on Friday after Germany’s gross domestic product rose in the last quarter signaling improving sentiment in the region which raised the demand outlook for the fuel. In a report, Statistisches Bundesamt Deutschland said that German GDP rose to a seasonally adjusted 0.3 per cent, from 0.3 per cent in the preceding quarter. Analysts had expected German GDP to rise 0.3 per cent in the last quarter. At the MCX, crude oil futures for February 2016 contract were trading at Rs. 1,890 per barrel, up by 2.49 per cent, after opening at Rs. 1,858 against the previous closing price of Rs. 1,844. It touched the intra-day high of Rs. 1,905 till the trading.
Sentiment improved further as a result of renewed expectations that major producers might hatch a plan to trim output. OPEC members are preparing to cooperate on potential production cuts according to UAE's energy minister.
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