After nosediving on Thursday, Crude oil futures extended a retreat in the domestic market on Friday amid speculation that the OPEC that accounts for about 40 per cent of global oil supplies will not cut its production target of 30 million barrels per day to support prices that have shed nearly half of their value since their peak in 2014. The cartel will meet at Vienna later in the day.
Losses in the fuel were held back by comments from Saudi oil minister Ali al-Naimi who signaled declining supplies while Kuwaiti oil minister Ali al-Omair saw oil demand increasing amid global economic recovery.
At the MCX, Crude oil futures, for the June 2015 contract, is trading at Rs 3,690 per barrel, down by 0.81 per cent, after opening at Rs 3,724, against the previous close price of Rs 3,720. It touched an intraday high of Rs 3,730. (At 12:08 PM).