Crude Oil Rises On EIA Report

Crude oil futures closed higher in the domestic market on Tuesday on reports from the EIA, the International Energy Agency and Goldman Sachs this week that suggested global oil supply is tightening.

EIA said the market is showing signs of closer balance between supply and demand in early 2017 thanks to the 1.758 million bpd in production cuts agreed to last year and are currently being implemented by OPEC and their 11 non-OPEC partners.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3557 per barrel, up by 0.20 per cent, after opening at Rs 3546, against a previous close of Rs 3550. It touched the intra-day high of Rs 3588.

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Suhani Verma

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