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Crude oil futures rose during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity as OPEC appears to have persuaded investors that it’s making good on promised output cuts.
Moreover, Saudi Arabia has said more than 80 per cent of the targeted decline of 1.8 million barrels has been implemented and oil shipments from OPEC are plunging this month, supported rise in crude prices at futures trade.
However, signs of increasing production in the US that could partly offset output cuts by OPEC and other producers, restricted further gains in crude prices.
Also, uncertainty over US policy too broadly weighed on financial markets after the President Trump introduced immigration curbs that sparked criticism globally.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3622 per barrel, up by 0.39 per cent, after opening at Rs 3619, against a previous close of Rs 3608. It touched the intra-day high of Rs 3624 (at 13:42 hours).
