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 tracking firm cues overseas. The prices of oil rose on strong fuel demand in the United States. However, caution prevailed that oversupply would continue to drag on markets after a steep fall in the previous session.
At the MCX, crude oil futures for July 2017 contract is trading at Rs 2959 per barrel, up by 0.71 per cent, after opening at Rs 2953, against a previous close of Rs 2938. It touched the intra-day high of Rs 2969 (at 13:39 hours).
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