Forex Market News

Crude Oil Rises As US Stockpiles Decline

Crude oil futures closed higher in the domestic market on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels in the week ended Oct. 14.
Prices got off to an upbeat start after an official from Saudi Arabia said crude producers who aren’t OPEC members have shown willingness to join the cartel’s effort to limit output.
At the MCX, crude oil futures for October 2016 contract closed at Rs 3450 per barrel, up by 3.29 per cent, after opening at Rs 3358, against a previous close of Rs 3340. It touched the intra-day high of Rs 3464.
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