Crude Oil Rises On Decline In US Crude Supply

Crude oil futures closed higher in the domestic market on Tuesday as traders braced for a possible decline in U.S. supplies. The advance was helped by forecasts for a weather-related weekly decline in U.S. crude supplies, despite ongoing pressure from expectations of further growth in U.S. output.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2858 per barrel, up by 2.03 per cent, after opening at Rs 2807, against a previous close of Rs 2801. It touched the intra-day high of Rs 2877.

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Suhani Verma

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