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Crude oil futures rose over 1% during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the energy commodity amid optimism after Opec began today debating a deal to reduce crude oil production and prop up its prices, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action.
“There will be an agreement today,” an Iraqi delegate said before meeting. “I'm optimistic,” said Iranian Oil Minister Bijan Zanganeh, adding there had been no request for Iran to cut output, as per the media reports. At the MCX, crude oil futures for December 2016 contract is trading at Rs 3161 per barrel, up by 1.54 %, after opening at Rs 3135, against a previous close of Rs 3113. It touched the intra-day high of Rs 3172.
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