Crude Oil Up On Decline In US Crude Inventories

Crude oil futures closed higher in the domestic market on Thursday as traders were encouraged by a bigger-than-expected decline in weekly U.S. crude inventories.

However, concerns lingered that further gains in U.S. production will offset the effect of OPEC-led efforts to balance the market.
At the MCX, crude oil futures for May 2016 contract closed at Rs 3090 per barrel, up by 0.23 per cent, after opening at Rs 3097, against a previous close of Rs 3083. It touched the intra-day high of Rs 3112.

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Suhani Verma

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