Crude Oil Up On Dip In US Crude Supply

Crude oil futures closed higher in the domestic market on Monday buoyed 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.

Analysts are eyeing the possibility of a hefty decline in last week’s U.S. crude inventories in the wake of temporary production disruptions caused by a tropical storm in the Gulf of Mexico.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2803 per barrel, up by 0.94 per cent, after opening at Rs 2792, against a previous close of Rs 2777. It touched the intra-day high of Rs 2812.

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Suhani Verma

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