Crude Oil Up As Decline In US Crude Inventory Likely

Crude oil futures closed higher in the domestic market on Tuesday on expectations that weekly U.S. crude-inventories data would show a decline as refineries work to keep up with rising gasoline demand.

A strong pickup in refinery utilization rates in recent weeks is contributing to expectations that official weekly inventory data from the Energy Information Administration, due Wednesday, will show a fall in U.S. oil stocks.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3329 per barrel, up by 1.59 per cent, after opening at Rs 3290, against a previous close of Rs 3277. It touched the intra-day high of Rs 3333.

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Suhani Verma

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