Crude Oil Rises On Upbeat US Inventory Data

Crude oil futures closed higher in the domestic market on Thursday on upbeat U.S. inventory data, but the commodity is still expected to face a bumpy ride in coming days ahead of an important OPEC meeting in Vienna to extend production limits.

The U.S. has reported mixed data over the past two days showing the pace of inventory declines has slowed, reigniting fears that shale output will overwhelm efforts to curb a glut of global supply.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3204 per barrel, up by 1.52 per cent, after opening at Rs 3151, against a previous close of Rs 3156. It touched the intra-day high of Rs 3224.

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Suhani Verma

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