Crude oil futures were trading higher during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity but pressured by concerns that a global supply glut is proving stubbornly persistent. Oil prices remained under pressure as data showed that crude stocks in the US, the world’s top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels. US drilling has picked up as producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while output has jumped in the Permian, America’s largest oilfield.
At the MCX, crude oil futures for March 2017 contract is trading at Rs 3295 per barrel, up by 0.73 per cent, after opening at Rs 3297, against a previous close of Rs 3271. It touched the intra-day high of Rs 3320 (at 13:27 hours).
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