Crude Oil Rises On Likely Decline In US Crude Supply

Crude oil futures closed higher in the domestic market on Tuesday as traders bet that U.S. government data will show a ninth consecutive weekly decline in crude supplies, and concerns surrounding Qatar’s diplomatic crisis eased.

The market has realized geopolitical tension is unlikely to ratchet up in the Middle East, with Qatar likely wanting to diffuse the situation rather than escalate it.

At the MCX, crude oil futures for June 2017 contract closed at Rs 3097 per barrel, up by 1.47 per cent, after opening at Rs 3042, against a previous close of Rs 3052. It touched the intra-day high of Rs 3098.

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Suhani Verma

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