In the futures market, crude oil for May delivery touched an intraday high of Rs 1,551 and an intraday low of Rs 1,360 per barrel on MCX.
Crude oil futures rose to Rs 1,543 per barrel on May 1 as participants increased their long position as seen by the open interest in a truncated session. Oil price gained on optimism of the lockdown easing in many countries.
The Organization of Petroleum Exporting Countries (OPEC) plus allies, including Russia, will begin cutting production by 9.7 million barrels per day to arrest declining oil prices.
In the futures market, crude oil for May delivery touched an intraday high of Rs 1,551 and an intraday low of Rs 1,360 per barrel on MCX. So far in the current series, crude has touched a low of Rs 796 and a high of Rs 3,905.
Crude oil delivery for May gained 228, or 17.34 percent, to Rs 1,543 per barrel at 1830 IST with a business turnover of 7,635 lots.
Crude oil delivery for June jumped Rs 176, or 11.15 percent, to Rs 1,755 per barrel with a business volume of 1,263 lots.
The value of May and June contracts traded, so far, is Rs 98.33 crore and Rs 18.92 crore, respectively.
West Texas Intermediate crude gained 7.01 percent at $20.16 per barrel, while Brent crude, the London-based international benchmark gained 1.25 percent to $26.81 per barrel.First Anniversary Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
