COMMODITY MARKET UPDATES FOR OCT 28, 2016
Crude oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity on lingering doubts over whether OPEC can coordinate a crude production trim big enough to rein in oversupply.
However, doubts over OPEC’s ability to rally its members and non-OPEC producers, especially Russia, around a significant production cut, weighed on markets.
At the MCX, crude oil futures for November 2016 contract is trading at Rs 3332 per barrel, down by 0.36 per cent, after opening at Rs 3339, against a previous close of Rs 3344. It touched the intra-day low of Rs 3329.