Crude oil futures closed higher in the domestic market on Tuesday finding support after Saudi Arabia’s energy minister said compliance with production cuts will help the market reach a balance between supply and demand by the middle of the year.
OPEC has established a committee to keep tabs on signatories’ production and it will reportedly meet later this week for the first time.
At the MCX, crude oil futures for January 2016 contract closed at Rs 3596 per barrel, up by 0.47 per cent, after opening at Rs 3581, against a previous close of Rs 3579. It touched the intra-day high of Rs 3636.
OPEC has established a committee to keep tabs on signatories’ production and it will reportedly meet later this week for the first time.
At the MCX, crude oil futures for January 2016 contract closed at Rs 3596 per barrel, up by 0.47 per cent, after opening at Rs 3581, against a previous close of Rs 3579. It touched the intra-day high of Rs 3636.
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