Crude Oil - Market Views 26.09.2016
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than 21 million barrels for this month Also, Oil prices got more support from the dollar's slide a day after the Federal Reserve kept U.S. interest rates unchanged. However, Crude futures gave back some gains after Reuters reported that a two-day expert-level meeting of the Organization of the
Petroleum Exporting Countries on production cooperation had yielded no major breakthrough. The meeting was held in advance of Sept. 26-28 talks in Algeria between OPEC and other major oil producers to discuss a potential output freeze.Also, news that Saudi may cut supply if Iran freezes output was supportive. The Saudis pumped a record 10.69 million barrels a day in
August, compared with 10.2 million in January, and Boutarfa said Algeria wants major producers to cut their collective output by 1 million barrels a day. On the MCX, oil prices rose by 2.8 percent to close at Rs.2978 per barrel.
