Crude Oil Up On Decline In US Crude Supplies

Crude oil futures closed higher in the domestic market on Wednesday as U.S. government data confirmed a sharp decline in domestic crude supplies for a second week in a row. Prices, however, ended off the session’s best levels, as rising production in the U.S. and elsewhere continue to prevent the market from reaching a lasting balance between supply and demand.

Total U.S. crude production edged up by 59,000 barrels a day to 9.397 million barrels a day last week. At the MCX, crude oil futures for July 2017 contract closed at Rs 2954 per barrel, up by 1.44 per cent, after opening at Rs 2929, against a previous close of Rs 2912. It touched the intra-day high of Rs 3000.

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Suhani Verma

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