Crude Oil Up As US Crude Supply Decline

Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed the biggest weekly decline in domestic crude supplies so far this year. Early Wednesday, the U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels for the week ended May 5. At the MCX, crude oil futures for May 2016 contract closed at Rs 3087 per barrel, up by 3.97 per cent, after opening at Rs 2986, against a previous close of Rs 2969. It touched the intra-day high of Rs 3095. 

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Suhani Verma

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