Crude Oil Rises On Weak Dollar

Crude oil futures closed higher in the domestic market on Wednesday as a drop in the dollar in the wake of the Federal Reserve’s decision to raise interest rates, as expected, fed an earlier rebound. Oil futures had been on the rise after U.S. government data showed the first decline for domestic-crude stockpiles in 10 weeks.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3180 per barrel, up by 1.40 per cent, after opening at Rs 3150, against a previous close of Rs 3136. It touched the intra-day high of Rs 3211.

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Suhani Verma

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