Crude oil futures rallied handsomely in the domestic market on Thursday as traders cheered the biggest drop in US supplies since 1999, easing fears over a global supply glut in the energy commodity.
The EIA said that US crude oil stockpiles fell 14.5 million barrels to 511.4 million barrels last week.
Refineries increased operating rates by 0.9 percentage points to 93.7 % of capacity in the week ended September 2, 2016, the highest since November, signaling a pickup in fuel demand in the US, the world’s biggest fuel consuming nation.
At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3,170 per barrel, up by 4.97 per cent, after opening at Rs. 3,022, against the previous closing price of Rs. 3,020. It touched the intra-day high of Rs. 3,173.
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