Crude Oil Up On Fall In US Crude Supply

Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed that crude supplies fell a third week in a row, booking the largest weekly drop of 2017.

The U.S. Energy Information Administration reported Wednesday that domestic-crude supplies fell 3.6 million barrels for the week ended April 21—the largest weekly decline so far this year. Crude stockpiles also posted declines in each of the previous two weeks.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3201 per barrel, up by 0.57 per cent, after opening at Rs 3182, against a previous close of Rs 3183. It touched the intra-day high of Rs 3227. 
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Suhani Verma

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