Crude oil prices closed higher in the domestic market on Tuesday after mixed China data showed a narrower than expected drop in exports. In China the trade balance for Sept came in at a surplus of RMB376.2 billion, compared to RMB368 billion in August. Imports plunged 17.7 per % , well below the expected drop of 15 per % , but exports eased 1.1 per % , better than the 6.3 per % decline seen. However, gains were capped as a preliminary Reuters survey, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the US Department of Energy's Energy Information Administration (EIA), showed a crude stock build of 2.8 million barrels on average in the week ended Oct. 9. Gains were also limited following the release of bearish supply estimates from the International Energy Agency. The IEA warned that oil markets would likely remain oversupplied next year, as oil demand growth slows down amid an expected return of Iranian oil. At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 3,089 per barrel, up by 0.46 per cent, after opening at Rs 3086, against the previous close price of Rs 3,075. It touched an intraday low of Rs 3,042.
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