MCX Crude Oil Hits Above Rs 3800 Levels In Intraday Moves

Crude oil futures soared today on supply concerns as media reports noted that Saudi Arabia stated that it will reduce oil production to around 9.8 million barrels per day in March. Traders also focused on the continuing closure of parts of the Keystone pipeline that brings Canadian oil into the United States. WTI Crude soared following this while the mood in risky assets mostly stayed supported as another round of US-China trade talks got underway in Beijing. The commodity currently trades at $ 53.66 per barrel, up 2.30% on the day. MCX Crude oil futures are currently trading at Rs 3797 per barrel, up 2.10% on the day. The counter hit a high of Rs 3804 per barrel.