Crude Oil Rises On Rise In US Rig Count

Crude oil futures closed higher in the domestic market on Friday with U.S. prices holding ground at a more than three-week high, but still logging a loss of almost 6 per cent for the first quarter.

Traders questioned the sustainability of the OPEC-led production cut agreement and prospects for U.S. output growth.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3286 per barrel, up by 0.52 per cent, after opening at Rs 3260, against a previous close of Rs 3269. It touched the intra-day high of Rs 3288.

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Suhani Verma

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