According to Achiievers Equities, Crude oil prices jumped more than 8 percent to a five-week high as OPEC has agreed its first limit on oil output since 2008.
Achiievers Equities report on Crudeoil
Crudeoil trading range for the day is 3038-3558.
Crude oil prices jumped more than 8 percent to a five-week high as OPEC has agreed its first limit on oil output since 2008.
OPEC agreed on a proposal by member Algeria to reduce production by around 4.5 percent, or about 1.2 million barrels per day.
The source added that OPEC had also suspended Indonesia from OPEC and hence the exact combined reduction was yet to be calculated.
BUY CRUDE OIL DEC ABV 3380 SL BELOW 3342 TGT 3416-3448. MCX
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