Crude oil futures rose during morning trade in the
domestic market on Thursday as investors and speculators booked fresh
positions in the energy commodity after a larger-than-expected decline
in US crude stockpiles last week eased fears over a global supply glut.
The EIA said that US crude oil supplies fell 2.5 million barrels to
521.1 million barrels in the week ended August 12, 2016. Analysts were
expecting a drawdown of 200,000 barrels last week.
Further, gasoline supplies fell by 2.7 million barrels last week.
However, the gains in the fuel were trimmed by worries that increased
output from Saudi Arabia may flood the market with the kingdom boosting
production in July to 10.67 million barrels per day, a record high.
At the MCX, Crude oil futures for August 2016 contract is trading at Rs
3,124 per barrel, up by 0.32 per cent, after opening at Rs 3,125,
against a previous close of Rs 3,114. It touched the intra-day high of
Rs 3,128.
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