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Crude oil rises on IEA report

  • Crude oil futures closed higher in the domestic market on Wednesday buoyed by a report from the International Energy Agency that showed global crude production fell for the first time in four months in August. Traders also weighed weekly data from the U.S. government which revealed a smaller-than-expected rise in crude supplies, a hefty drop in gasoline stockpiles and a jump in domestic output as production in the Gulf of Mexico recovered in the wake of disruptions from Hurricane Harvey. At the MCX, crude oil futures for September 2017 contract closed at Rs 3161 per barrel, up by 2.23 per cent, after opening at Rs 3089, against a previous close of Rs 3092. It touched the intra-day high of Rs 3169.

     

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