MCX Crude Oil July traded volatile on Friday following NYMEX movement, closed with some losses from previous day. Registered days high near 5888 and closed near 5796 with loss of Rs. 21 per barrel after registering days low near 5749.
Saudi Arabia is considering increasing its oil production to 10 million barrels a day from 9.45 million, the Middle East Economic Survey reported Friday, a week before a high-profile meeting between crude producers and consumers in Jeddah.
If realized, the output boost would lend credibility to the meeting, set for June 22, to discuss what measures can be taken to usher calm back into global oil markets. Oil prices recently have exhibited unprecedented volatility, with the front-month contract rising by almost $11 on June 6.
Regards,
Kamlesh Jogi
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