Crude Oil Up On Decline In US Crude Production

Crude oil futures closed higher in the domestic market on Wednesday as U.S. government data revealed a sizable weekly decline in domestic crude production, although an unexpected rise in supplies kept gains in check.

Some analysts pointed out that the output decline is likely temporary given the effect of storm disruptions to activity in the Gulf of Mexico last week. Data from the U.S. Energy Information Administration showed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for the week ended June 23.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2895 per barrel, up by 1.22 per cent, after opening at Rs 2852, against a previous close of Rs 2860. It touched the intra-day high of Rs 2905.

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Suhani Verma

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