Crude Oil Down On Rising US Crude Stockpile

Crude oil futures closed lower in the domestic market on Wednesday after data showed that U.S. crude stockpiles unexpectedly climbed for the first time in nine weeks. Early Wednesday, the U.S. Energy Information Administration reported that domestic crude supplies rose by 3.3 million barrels for the week ended June 2. 

The unexpected rise followed eight consecutive weeks of declines. At the MCX, crude oil futures for June 2017 contract closed at Rs 2969 per barrel, down by 3.92 per cent, after opening at Rs 3100, against a previous close of Rs 3090. It touched the intra-day low of Rs 2954.

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Suhani Verma

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