Crude Oil Rises As US Crude Supplies Fall

Crude oil futures closed higher in the domestic market on Thursday as U.S. government data revealed that domestic supplies of crude oil have now fallen for eight weeks in a row.

Oil and gasoline inventories both declined, reflecting higher demand with driving season ramping up and likely continued strong exports.

At the MCX, crude oil futures for June 2017 contract closed at Rs 3153 per barrel, up by 0.83 per cent, after opening at Rs 3135, against a previous close of Rs 3127. It touched the intra-day high of Rs 3175.

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Suhani Verma

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