Crude Oil Rises On Decline In US Crude Inventories

Crude oil futures closed higher in the domestic market on Thursday with prices finding support from the largest weekly decline for U.S. crude inventories in 10 months and a forecast for stronger growth in demand this year.

Traders, however, remained wary of recent reports revealing further gains in global production, particularly after the International Energy Agency said global oil supply rose in June.While demand growth has generally met expectations, the supply side continues to prove worrisome for oil bulls, with U.S. production forcing upward revisions, and OPEC compliance levels falling off.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2965 per barrel, up by 0.54 per cent, after opening at Rs 2952, against a previous close of Rs 2949. It touched the intra-day high of Rs 2985.

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Suhani Verma

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