Crude oil futures climb 1.15% on US stockpile draw

Crude oil futures climb 1.15% on US stockpile draw

01/06/2017 14:00

Crude oil futures rose over 1 per cent during the afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after report that showed US crude stockpiles had fallen more than expected and on hopes that the US could pull out of a global climate accord.

US President Trump said that he would announce later on Thursday a decision on whether to keep the US in a global pact to fight climate change, as a source close to the matter said he was preparing to pull out of the Paris pact.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,163 per barrel, up by 1.15 per cent, after opening at Rs 3,135, against a previous close of Rs 3,127. It touched the intra-day high of Rs 3,167 (at 13:50 hours).

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