Crude Oil Futures Firm On Strong Demand Geopolitical Concerns

Crude oil futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity buoyed by strong demand and political uncertainty in Syria following the US missile air strikes on Syria last week.

However, rise in the US drilling activity kept a lid on further gains in crude oil prices at futures trade.

At the MCX, crude oil futures for April 2017 contract is trading at Rs 3388 per barrel, up by 0.86 per cent, after opening at Rs 3375, against a previous close of Rs 3359. It touched the intra-day high of Rs 3396.

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Suhani Verma

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