Crude oil futures edged higher on MCX, as investors and speculators booked fresh positions in the energy commodity due to rising bets that the OPEC may reduce production to ease a supply glut, while a pickup in the US economy too lifted the demand outlook for the fuel.
The contract for December delivery was trading Rs 4734.00, up by 1.15% or Rs 54.00 from its previous closing of Rs 4680.00. The open interest of the contract stood at 17009.00 lots.
The contract for January delivery was trading at Rs 4762.00, up by 1.08% or Rs 51.00 from its previous closing of Rs 4711.00. The open interest of the contract stood at 1087.00 lots on MCX.
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