Mcx oil prices have burst more than 50 per-cent from their 12-year lows since the Organisation of Petroleum Exporting Countries (Opec) floated the idea of a production freeze, increasing Brent up from around $27 a barrel and US(United States) crude from around $26.The depreciation of the rupee by near 0.81 per-cent also supported the rise on the MCX. Opec kingpin Saudi Arabia & non-Opec producers led by Russia will meet on April 17th in Qatar capital Doha, aiming for the 1st world wide supply deal in around 15 years.
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