Mcx crude oil updates : Oil futures rose during late morning trade in the local market, today as traders pinned their hopes on a potential deal between oil-producing nations to cut outcome and help combat a worsening supply glut.Click For Bullion tipsWhile Russia told that OPEC’s top producer Saudi Arabia had proposed production cuts up to 5 per-cent, OPEC officials denied reports of planned co-ordination policy action with Russia.
Talks of possible production cuts come at a time when Iranian oil shipments are set to jump more than a fifth in Jan and Feb from previous year's daily average, reports concluded. Iran, the fifth top OPEC producer is boosting its oil exports after international sanctions against the Islamic Republic were lifted earlier current month following last year’s nuclear deal with the West. Additional Iranian oil has widened a worldwide crude supply surplus.
MCX : Crude oil futures, for the Feb 2016 contract, is trading at 2,301 Rs per barrel, up by 0.61 per cent, after unlocking at 2,299, as compared to the previous ending price of Rs 2,287. It attained an intraday high of Rs 2,309.
Read More : Bullion tips
