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Crude oil futures closed higher in the domestic market on Wednesday despite data showing the second-largest weekly climb on record for U.S. crude supplies.
Some traders and analysts attributed the move higher in oil futures to gains in gasoline futures, which rallied on the back of an unexpected weekly decline in gasoline supplies.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3517 per barrel, up by 0.49 per cent, after opening at Rs 3488, against a previous close of Rs 3500. It touched the intra-day high of Rs 3532.
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Crude oil futures closed higher in the domestic market on Wednesday despite data showing the second-largest weekly climb on record for U.S. crude supplies.
Some traders and analysts attributed the move higher in oil futures to gains in gasoline futures, which rallied on the back of an unexpected weekly decline in gasoline supplies.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3517 per barrel, up by 0.49 per cent, after opening at Rs 3488, against a previous close of Rs 3500. It touched the intra-day high of Rs 3532.
