Crude Oil Rises After US Inventory Restricts Rally

Crude oil futures closed higher in the domestic market on Wednesday trimming sharp, early gains, after government data showed an unexpected rise in U.S. crude inventories, disappointing bullish traders looking for signs of shrinking stockpiles.

But upside momentum was dented after the Energy Information Administration said U.S. crude inventories rose by 1.6 million barrels last week.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3335 per barrel, up by 0.30 per cent, after opening at Rs 3339, against a previous close of Rs 3325. It touched the intra-day high of Rs 3374.

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Suhani Verma

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