MUMBAI: Crude Oil prices on Monday took an upward movement in the afternoon trade in London following the reports that the commodity gained momentum in Europe as well as US equity futures.
NYMEX Light Sweet crude oil futures are trading rose $ 1.88 at $ 51.81 per barrel. The counter surged to the session high of $ 52.05 per barrel. MCX December dated crude oil contract is trading up Rs 60 at Rs 2619 per barrel having hit the session high of Rs 2650.
Experts said apart from gaining momentum in Europe and US, the emergency weekend meeting by OPEC nations has also supported the oil futures. Iran, OPEC's second biggest producer, on Monday called for more cuts in oil supply as previous reductions have failed to stop a deep price slide.
