Crude oil futures jumped more than 1.5 per cent during morning trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after Saudi Arabia and Russia, two of the world’s top oil producers, agreed to establish a working group to monitor the oil market and formulate recommendations to promote stability.
Energy Ministers from the two countries are set to meet in Algeria in October and Vienna in November to hold discussions on how to cooperate under this new pact, with an output freeze remaining a favourable option.
The news comes as some relief to energy traders, easing fears of a supply glut in the fuel.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,027 per barrel, up by 1.54 per cent, after opening at Rs 2,990, against a previous close of Rs 2,981. It touched the intra-day high of Rs 3,027 (at 11:13 AM)
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