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HOME / MARKET TODAY / COMMODITIES / NEWS STORY

Profit taking weighs on Crude oil
30 Sep 2016
Crude oil futures in the international market fell on Friday as investors and speculators resorted to profit taking in the energy commodity after stellar gains in the previous two sessions when the OPEC announced a cut in output for the first time in eight years.

The OPEC, a cartel which accounts for about 40 per cent of global crude supplies, at an informal meeting in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day, easing worries over a global supply glut, and spurring a near 7 per cent rally in prices on Wednesday and Thursday.

WTI Crude for the November 2016 contract fell 0.67 per cent to Rs 47.51 per barrel.

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