Anticipated OPEC consensus drives oil prices higher

Oil futures has settled at a three week high as it has got a push from the members of OPEC to resolve differences ahead of next week’s key meeting and non-OPEC Russia’s apparent willingness to freeze production. Many analysts are looking at this as an important development which has driven the international market higher on November 21.

The European markets closed higher as the major indices like FTSE 100 and Dax gained almost 0.03 to 0.19 per cent each.  US stocks on November 21 ended on a record high as all the energy stocks got a lift due to oil prices surging. The Asian markets too opened positive on November 22 with Sensex and Nifty both stabilising in a positive range. 

The S&P BSE Oil and Gas Index too has taken positive vibes from the news. The index as at 10.24 am is trading at 11662.47, up by 0.62 per cent. Oil India, Hindustan Petroleum Corporation, Petronet LNG, ONGC, Reliance, BPCL, Indian Oil Corporation are trading positive and have gained in the range of Rs 0.41 to 1.86 per cent.