Crude jumps 26% on MCX, bullion gains on hope of end to Saudi-Russia rift

The two nations are meeting next week to work out a possible output cut

Crude oil prices jumped 26 per cent in late afternoon trade on the Multi Commodity Exchange (MCX), on Friday. This followed the move in global markets on hopes of an end to the price war between Russia and Saudi Arabia with their agreement on an output cut. The countries are scheduled to meet next week.

The benchmark crude oil futures for delivery in April hit several upper circuits, to trade with an overall gain of 26.03 per cent at Rs 2,043 a barrel on Friday. With almost similar gains, Brent crude surged to trade at $30 a barrel in the international