Crude oil rises on decline in crude inventory 10/08/2017

Crude oil rises on decline in crude inventory
10/08/2017

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Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data showed a sharp decline in crude inventory. However, a broader so-called risk-off move in financial markets on mounting tensions between the U.S. and North Korea as well as concerns that global supplies aren’t falling as much as hoped kept price moves in check. U.S. crude oil inventories fell by 6.5 million barrels to 1.15 billion barrels while gasoline inventories rose 3.4 million barrels to 231.1 million barrels in the week ended Aug. 4. At the MCX, crude oil futures for August 2017 contract closed at Rs 3164 per barrel, up by 0.80 per cent, after opening at Rs 3133, against a previous close of Rs 3139. It touched the intra-day high of Rs 3176.


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