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Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity tracking rally in global markets, and amid optimism that major oil producers have been cutting back output as promised.
However, crude oil price gains were limited by Wednesday's US inventory figures showing an increase of 2.8 million barrels last week in the US crude inventories to 488.3 million barrels.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3684 per barrel, up by 1.52 per cent, after opening at Rs 3645, against a previous close of Rs 3629. It touched the intra-day high of Rs 3684 (at 13:00 hours).
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Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity tracking rally in global markets, and amid optimism that major oil producers have been cutting back output as promised.
However, crude oil price gains were limited by Wednesday's US inventory figures showing an increase of 2.8 million barrels last week in the US crude inventories to 488.3 million barrels.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3684 per barrel, up by 1.52 per cent, after opening at Rs 3645, against a previous close of Rs 3629. It touched the intra-day high of Rs 3684 (at 13:00 hours).
