Crude oil up on firm global cues

Crude oil up on firm global cues

18/10/2016 16:38

Crude oil futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the energy commodity as some analysts said that markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere.

Also, a drop in US dollar away from 7-month highs the previous day also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 3361 per barrel, up by 1.14 per cent, after opening at Rs 3348, against a previous close of Rs 3323. It touched the intra-day high of Rs 3368 (at 16:40 hours).

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