Clouds in form of Opec hangs over crude oil

Clouds in form of Opec hangs over crude oil

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

Credits:economictimes.indiatimes.com

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