Crude Oil Rises As US Crude Inventory Dips

Crude oil futures closed higher in the domestic market on Wednesday after the EIA reported a sixth straight weekly decline in U.S. crude inventories.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 1.8 million barrels for the week ended May 12. That was the sixth weekly drop in a row reported by the EIA.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3159 per barrel, up by 1.15 per cent, after opening at Rs 3111, against a previous close of Rs 3123. It touched the intra-day high of Rs 3174.

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Suhani Verma

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