Crude oil after falling to Rs 2,839 level on MCX has bounced back around Rs 3,300 level. It is trading in its comfort zone of $47-$53.
We believe after such a roller coaster ride, crude oil will go into hibernate ahead of May 25 meeting of Opec (Organisation of the Petroleum Exporting Countries) and non-Opec nations in Vienna, which is widely expected to extend a pact to curb oil output.
Until now Saudi Arabia were living in denial, stating they expected no US shale oil response in 2017. Read more
Latest posts by The Economic Times (see all)
- Maruti’s First Electric Car In India In 2 Years! Recast Auto Exposure Now – November 20, 2017
- Green Companies Expect Easier Financing – November 20, 2017
- New Panels To Augment Solar Power At Railway Stations – November 20, 2017