MCX - Crude Oil Market View - 03.10.2016
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WTI oil prices rose by 8.5 percent last week to close at $48.2 per barrel with Brent nearing $50 a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited as some analysts doubted the reduction would be enough to make a substantial dent in the global crude glut. The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5 - 33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August.OPEC said other details will be known at its policy meeting in November, leaving unanswered when the agreement will come into effect, what new quotas for member countries will be and for what periods, and how compliance will be verified. Key members such as Saudi Arabia and Iran resisted, becoming more protective of individual market share even though the rout hurt the group's oil - dependent economies. The deal in Algiers follows failed talks in Qatar in April for a production freeze. Key OPEC member Iran, the fourth largest crude exporter which is still trying to recapture output before Western sanctions in 2012. On the MCX, oil prices rose by 8 percent to close at Rs.3212 per barrel.
