Crude Edges Up Ahead Of OPEC Guidance

WTI Crude oil futures have rebounded ahead of the OPEC meet. Prices recovered from a two and half month low this week as traders eyed the recent developments on the economic front following the US-China trade spat. A steady bounce in major Asian and European markets helped lift sentiments further for the counter and the WTI Crude currently trades at $ 66.56 per barrel, up 1.56% on the day. MCX Crude oil futures broke above Rs 4500 per barrel and currently trade at Rs 4524 per barrel, up 0.60% on the day. Prices could drop if OPEC decides to hammer out a deal to raise exports. Meanwhile, Indian Crude oil production during May, 2018 was 3007.84 TMT which is 1.38% lower than target and 2.95% lower when compared with May 2017. Cumulative crude oil production during April-May, 2018 was 5922.84 TMT which is 0.61% lower than target for the period and 1.92% lower than production during corresponding period of last year.