Crude oil rises on geopolitical tension 21/09/2017

Crude oil rises on geopolitical tension

Crude oil futures closed higher in the domestic market on Wednesday buoyed by tensions between the U .S. and Iran and expectations that OPEC will decide to extend its production-cut deal.
A further climb for oil would have to be fueled by talk in the upcoming weeks on whether the Organization of the Petroleum Exporting Countries’ production-cut deal will be extended or if consensus starts to increase the amount of cuts.At the MCX, crude oil futures for October 2017 contract closed at Rs 3288 per barrel, up by 2.27 per cent, after opening at Rs 3235, against a previous close of Rs 3215. It touched the intra-day high of Rs 3298.

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