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Crude oil futures rose during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity as traders turned their focus to upcoming government data on US inventories.
Oil markets remained buoyant as participants are expecting a rebound in the US shale production.
Moreover, expectations that oversupply likely be curbed through production cuts which was announced by the Organization of the Petroleum Exporting Countries (OPEC) and others, supported rise in crude oil prices at futures trade.
At the MCX, crude oil futures for January 2017 contract is trading at Rs 3523 per barrel, up by 0.66 per cent, after opening at Rs 3512, against a previous close of Rs 3500. It touched the intra-day high of Rs 3525 (at 13:34 hours).