OPEC meets Russia and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself.
Benchmark Sensex managed to garner a modest 67.46 points to close at 35,689.60 and the broader Nifty rose marginally by 4.15 points to end at 10,821.85.
OPEC moved closer on Friday toward boosting oil output as its leader Saudi Arabia appeared to have persuaded arch-rival Iran to cooperate, after major consumers warned of a supply shortage.
India is making efforts to operationalise the Chabahar port in Iran by 2019 which would make the Commonwealth of Independent States (CIS) region more accessible, Nitin Gadkari has said.
Crude oil was trading higher 0.38 per cent to Rs 4,513 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets.
India's crude oil production dropped 3 percent to just over 3 million tonnes in May on the back of dip in output from fields operated by state-owned ONGC.
Shares crept higher in most major markets on Thursday as a lull in the Sino-U.S. trade tussle and talk of more stimulus in China helped calm nerves.
U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said.
Crude oil futures eased 0.25 per cent to Rs 4,475 per barrel today as speculators reduced their positions amid a weakening trend in Asian markets.
India urged OPEC nations to fill a supply gap and ensure sustainable oil prices as geopolitics affect the output of some producers.
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