MTECHTIPS:- MCX Futures Break Above Rs 460 Levels

MTECHTIPS:- MCX Futures Break Above Rs 460 Levels

MTECHTIPS- Crude prices were largely unchanged near recent highs in early dealings on Monday, as the market weighed rising U.S. drilling activity against ongoing efforts by major producers to cut output to reduce a global glut. U.S. West Texas Intermediate (WTI) crude futures tacked on 8 cents to $64.38 a barrel by 3:35 AM ET (0835 GMT). It rose to its highest since Dec. 2014 at $64.77 last Thursday. There will be no floor trading on the Nymex on Monday because of the Martin Luther King Day holiday in the U.S. All electronic transactions will be booked with Tuesday’s trades for settlement. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., were at $69.79 a barrel, down 8 cents from their last close. The contract broke above $70 last Thursday for the first time since Dec. 2014. Oil prices notched a fourth week of gains in a row last week amid ongoing optimism that OPEC-led output cuts would continue to drain the market of excess supplies. Futures have added around 13% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once

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