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Crude oil rises on EIA report at todays trade

Crude oil rises on EIA report at todays trade

Crude oil futures closed higher in the domestic market on Wednesday after data from the Energy Information Administration showed a weekly rise in U.S. crude inventories that was below some market forecasts, along with bigger-than-expected declines in gasoline and distillate stockpiles.

Disruptions to crude output in Libya, as well as hopes for a six-month extension to the production cut agreement, led by the Organization of the Petroleum Exporting Countries, added further support to oil prices.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3221 per barrel, up by 1.71 per cent, after opening at Rs 3171, against a previous close of Rs 3167. It touched the intra-day high of Rs 3221.

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