Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed an eighth-straight weekly decline in U.S. crude stockpiles, along with a sizable decrease in domestic crude production.
A seven-week string of drops in U.S. crude supplies and concerns over unrest in Iran were drivers for the rally. A weekly decline in the number of U.S. drilling rigs led both contracts to also finish higher.
At the MCX, crude oil futures for January 2017 contract closed at Rs 4038 per barrel, up by 0.87 percent, after opening at Rs 4016, against a previous close of Rs 4003. It touched the intra-day high of Rs 4059.
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