Crude Oil Up On Weak Dollar

Crude oil futures closed higher in the domestic market on Friday even as data showed a significant increase in the number of active U.S. oil rigs, implying the potential for a further climb in domestic crude production.

Oil prices had turned higher for the week after U.S. government data revealed the first decline for domestic crude stockpiles in 10 weeks. Prices were also helped by a weaker dollar.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3197 per barrel, up by 0.16 per cent, after opening at Rs 3200, against a previous close of Rs 3192. It touched the intra-day high of Rs 3219.

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Suhani Verma

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