Crude oil up on strong global cues
18/08/2016 08:45
Crude oil futures closed higher in the domestic market on Wednesday getting a lift from bigger-than-expected declines in U.S. supplies of crude and gasoline as well as a retreat in the dollar following minutes from the Federal Reserve’s July meeting. However, indications from Iran that it may not participate in the OPEC talks next month stirred speculation that the informal meeting in Algeria would yield no concrete action to stabilize the oil market. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 3106 per barrel, up by 0.06 per cent, after opening at Rs. 3112, against the previous closing price of Rs. 3104. It touched the intra-day high of Rs. 3130.
