Wednesday, November 4, 2015

Crude Oil Ends higher on strong global cues

Crude oil prices closed higher in the local domestic market on Tuesday ahead of the release of the American Petroleum Institutes' weekly inventory report after the close of trading. Investors could receive a stronger indication of current supply-demand levels on US energy markets when the American Petroleum Institute will release its weekly crude stockpile report. Separately, oil services firm Baker Hughes reported last week that the US oil rig count fell by 16 over the previous week to 578, for its ninth consecutive weekly decline. However, gains were limited as record-high production in Russia last month and mixed economic data in China provoke worries on the impact of a long-term supply glut on global energy markets. At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 3,158 per barrel, up by 4.12 per cent, after opening at Rs 3,032, against the before close price of Rs 3,033. It touched an intraday high of Rs 3,170.

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