Crude oil futures buoy on drop in US stockpiles

Crude oil futures buoy on drop in US stockpiles

16/03/2017 12:56

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after US stockpiles eased from record highs and offered some hope that a global glut is likely to come to an end.

Further, data from the US EIA showed that US crude stocks fell last week, the first weekly decline after nine consecutive rises.

At the MCX, crude oil futures for March 2017 contract is trading at Rs 3222 per barrel, up by 1.38 per cent, after opening at Rs 3197, against a previous close of Rs 3178. It touched the intra-day high of Rs 3223 (at 12:43 hours).

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