In the domestic market on Thursday Crude
oil futures rallied richly as traders cheered the biggest drop in US supplies
since 1999, easing fears above a global supply excess in the energy commodity.
The EIA said that US crude oil
stockpiles drop 14.5 million barrels to 511.4 million barrels last week.
Refineries increased operating rates
by 0.9 % points to 93.7 % of ability in the week ended September 2, 2016, the
highest since November, signaling a pickup in fuel demand in the US, the
world’s largest fuel consuming nation.
At the MCX, Crude oil futures for
September 2016 bond closed at Rs. 3,170 per barrel, up by 4.97 %, 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.
