Crude Oil prices rose on Monday on supportive equities amid concerns over supplies outweigh worries of a slowing global economy. Market also witnessed OPEC-driven supply cuts.
Brent crude for June delivery was up by 0.6% at USD68.01 per barrel, having risen 27% in the first quarter. US WTI futures 0.5% to USD60.46 barrel, after posting a rise of 32% during January-March. MCX Crude oil futures also closed at Rs4187 a barrel, up 1.85 percent on the day.
US production also stood steady with the US govt reporting on Friday that domestic output in the world’s top crude producer edged lower in January to 11.87mn bpd, from a revised record 11.96mn bpd in December, as per the US Energy Admin report.