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 on larger than expected fall in US crude inventories and cut in Saudi supplies to Asia.
According to industry group, the American Petroleum Institute (API) data, the US crude inventories fall larger than expected last week, down 5.8 million barrels against analysts’ expectations for a 1.8 million barrels decline. Besides, OPEC meets on May 25 to decide on production policy for the second half of 2017, and most analysts expect the group to extend cuts until at least the end of the year.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3094 per barrel, down by 0.36 per cent, after opening at Rs 3097, against a previous close of Rs 3083. It touched the intra-day high of Rs 3100 (at 13:49 hours).
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