Crude Oil Dips On Rising US Crude Stockpile

Crude oil futures closed lower in the domestic market on Wednesday as U.S. government data showed crude stockpiles at a record, but a larger-than-expected decline in gasoline inventories capped losses.

Expectations of higher demand for gasoline during the summer driving season helped to lead oil prices back from their November lows. At the MCX, crude oil futures for April 2016 contract closed at Rs 3168 per barrel, down by 0.00 per cent, after opening at Rs 3166, against a previous close of Rs 3168. It touched the intra-day low of Rs 3104.

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Suhani Verma

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