Crude Oil Up As Markets Eye Key Supply Data

Crude oil futures closed higher in the domestic market on Monday as traders looked ahead to the weekly update on U.S. petroleum supplies, as well as monthly reports on U.S. shale crude production and global output figures from OPEC and the International Energy Agency due out this week.

In a report last week, the EIA reported a surprise climb in crude inventories, following nine straight weeks of declines. Supplies of gasoline and distillates also rose. The EIA will issue its next weekly petroleum-supply report on Wednesday.

At the MCX, crude oil futures for June 2017 contract closed at Rs 2987 per barrel, up by 0.95 per cent, after opening at Rs 2972, against a previous close of Rs 2959. It touched the intra-day high of Rs 3015.

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Suhani Verma

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