Crude Oil Rises On Weak Dollar

Crude oil futures closed higher in the domestic market on Thursday following data showing the drop in U.S. crude supply in 10 weeks, as well as weaker dollar in the wake of the Federal Reserve’s less-hawkish-than-expected rate announcement.

But U.S. crude inventory levels remained near record highs. This comes at a time when U.S. producers are taking advantage of rising prices to crank up production. At the MCX, crude oil futures for March 2016 contract closed at Rs 3191 per barrel, up by 0.41 per cent, after opening at Rs 3197, against a previous close of Rs 3178. It touched the intra-day high of Rs 3245.

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Suhani Verma

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