Thursday, 22 March 2018

Crude oil rises on decline in US crude inventories : 22 March


Crude oil futures closed higher in the domestic market on Wednesday as a surprise weekly decline in U.S. crude inventories added further support to prices, which had already been bolstered by renewed geopolitical risk to global output.

Prices had posted a sharp return a day earlier as Saudi Crown Prince Mohammed bin Salman’s meeting with President Donald Trump in Washington raised the specter of a harder U.S. line against Iran and amid continuing concerns over declines in Venezuelan production.

At the MCX, crude oil futures for April 2018 contract closed at Rs 4253 per barrel, up by 2.26 per cent, after opening at Rs 4164, against a previous close of Rs 4159. It touched the intra-day high of Rs 4259.

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