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Crude oil up as oil producers pledge to reduce output

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Dion Global

09 Jan 2017

Crude oil futures closed higher in the domestic market on Friday amid ongoing signs of compliance with a global pact to cut production.

OPEC plans to release its monthly oil report on Jan. 18 and the IEA’s monthly report is due the next day, but both would come just over two weeks after the output cuts officially began. OPEC pledged to reduce production by 1.2 million barrels a day and other major producers promised a cutback of nearly 600,000 barrels a day.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3680 per barrel, up by 1.21 per cent, after opening at Rs 3653, against a previous close of Rs 3636. It touched the intra-day high of Rs 3700.