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Stock Advisory in Indore: Crude oil futures make some recovery on OPEC announcement
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Crude oil futures made a bounce back and ended modestly higher on Today after OPEC announced it would extend cuts in oil output by nine months through 2018. However, the impact of the announcement remained mostly muted as the extension was said to be mostly priced in, but reports that both Nigeria and Libya decided to cap production added a positive slant on the outcome of the meeting. There was speculation that certain OPEC members will renege on promised supply cuts. The next OPEC ministerial meeting is set for June 2018.
Benchmark crude oil futures for January delivery ended up by $0.10 or 0.18 percent at $57.40 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.13 to $62.40 a barrel on the ICE.
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