Crude Oil Up On Easing Supply Worries

Crude oil futures closed higher in the domestic market on Wednesday after the U.S. government reported a ninth straight week of crude inventory draws, easing some concerns in a market worried about a glut.

However, elevated stocks of fuel products amid slowing demand growth is expected to keep prices under pressure.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,092 per barrel, up by 0.39 per cent, after opening at Rs. 3,085, against the previous closing price of Rs. 3,080. It touched the intra-day high of Rs. 3117.

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Suhani Verma

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