Crude Oil Futures Closed Higher

Crude oil futures closed higher in the domestic market on Monday as investors bid up futures contracts on the heels of growing optimism about compliance to a global pact to curb crude output.

For this week, oil traders will be eyeing the weekly U.S. crude inventories and production report as well as the China’s February manufacturing figures as a gauge for global oil supply and demand.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3624 per barrel, up by 0.25 per cent, after opening at Rs 3620, against a previous close of Rs 3615. It touched the intra-day high of Rs 3652.

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Suhani Verma

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