Crude oil futures were trading little changed during morning trade in the domestic market on Tuesday tracking a bearish trend in the overseas market as a stronger dollar curbed the lure for the energy commodity as an alternative asset.
A stronger dollar makes dollar-denominated commodities more expensive for foreign buyers, reducing their appeal. The dollar strengthened against a basket of key global currencies on Tuesday amidst rising speculation of a June Fed rate hike.
However, hopes of a likely drawdown in US crude stockpiles by 2.5 million barrels last week supported oil.
At the MCX, crude oil futures for May 2016 contract were trading at Rs. 3,253 per barrel, up by 0.06 per cent, after opening at Rs. 3,248, against the previous closing price of Rs. 3,251. It touched the intra-day high of Rs. 3,253.
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