Crude oil futures up on fall in US crude stocks

Crude oil futures up on fall in US crude stocks

22/12/2016 14:12

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity as industry data showed a bigger-than-expected fall in US crude stocks.

American Petroleum Institute (API) data on Tuesday showed a fall in US crude inventories of 4.15 million barrels in the latest week. Meanwhile, future of the market will depend on the extent to which producers adhere to agreed output cuts.

Also, investors eyed the potential return of crude supply from Libya.

At the MCX, crude oil futures for January 2017 contract is trading at Rs 3586 per barrel, up by 0.25 per cent, after opening at Rs 3580, against a previous close of Rs 3577. It touched the intra-day high of Rs 3590 (at 14:12 hours).

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