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crude oil

COMMODITY MARKET UPDATES FOR NOVEMBER 30, 2016

Crude oil futures plunged by more than 4 per cent in the domestic market on Tuesday on signs leading oil exporters in OPEC were struggling to agree on a deal to cut production to reduce global oversupply.

The OPEC-member countries will meet in Vienna today aiming to implement a deal outlined in September to trim output by around 1 million bpd, from around 33.82 million bpd in October.

At the MCX, crude oil futures for December 2016 contract closed at Rs 3,112 per barrel, down by 4.33 per cent, after opening at Rs 3,255, against a previous close of Rs 3,253. It touched the intra-day low of Rs 3,093.

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