Advertisement

Crude oil futures climb 2.38% on global cues after OPEC deal

12:24 PM May 30, 2019 | Free Press Journal Correspondant

New Delhi: Crude oil futures rose sharply by 2.38 per cent to Rs 3,134 per barrel today as speculators raised their bets amid a firm trend overseas.

Analysts said rise in crude oil futures was largely in tandem with a firming trend in Asia after the OPEC producers’ group surprised the market with a deal to slash output.

Advertisement
Advertisement

At the end of six hours of negotiations and weeks of horse trading, OPEC announced the plan to cut production to a level of 32.5-33 million barrels per day (bpd) from 33.47 billion bpd in August, the International Energy Agency (IEA) said.

Advertisement

The informal meeting was held on the sidelines of an IEA meeting in a bid to stabilise prices that have been battered by a stubborn supply glut since 2014.

Oil prices soared by as much as six per cent following the news and extended gains in Asian trade today although at a slower pace.

In futures trading at the Multi Commodity Exchange, crude oil for delivery in most-active October was trading notably higher by Rs 73, or 2.38 per cent higher, at Rs 3,134 per barrel, clocking a business turnover of 9,704 lots.

On similar lines, crude for delivery in far-month November rose Rs 71, or 2.28 per cent, to Rs 3,187 per barrel, in a business volume of 329 lots.

Meanwhile, the US benchmark West Texas Intermediate crude prices for delivery in November was up 23 cents at USD 47.29 a barrel and Brent crude for November added 22 cents to USD 48.91 a barrel.

( To view our epaper please Tap here . For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement