Friday, September 30, 2016

Today Crude Oil low on profit booking

Crude oil futures tanked 1 % during morning trade in the domestic market on Friday as investors & speculators resorted to profit taking in the energy commodity after stellar gains in the last session when the OPEC announced a cut in output for the first time in eight years.

The OPEC, a cartel which accounts for about 40 % of global crude supplies, at an informal meet in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day, easing worries over a global supply glut, and spurring an over 4.4 % rally in domestic crude futures on Thursday.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,172 per barrel, downward by 1 %, after opening at Rs 3,190, against a previous close of Rs 3,204. It touched the intra-day low of Rs 3,172.

Read More- Crude Oil Updates