Crude oil little changed on optimism over output cut

Crude oil futures were little changed in the domestic market on Wednesday as investors and speculators extended their positions in the energy commodity amid optimism as Organization of Petroleum Exporting Countries (Opec) and non-Opec members are set to start trimming output from new year to support oil prices. 

                            Prices of crude has been supported in the past several weeks as the Opec and non-Opec member countries have agreed to cut output by almost 1.8 million bpd from January 1, 2017. 

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At the MCX, crude oil futures for January 2017 contract is trading at Rs 3677 per barrel, up by 0.03 %, after opening at Rs 3673, against a previous close of Rs 3676. It touched the intra-day high of Rs 3685.

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