Crude oil futures closed higher in the domestic market on Wednesday as Donald Trump’s election win fueled a risk-on sentiment among investors that fed a climb in the U.S. stock market.
Prices had suffered losses in earlier trading on the back of a second straight weekly rise in U.S. crude supplies and concern that Trump’s win would lead to more production and add to the nation’s glut of oil supplies.
At the MCX, crude oil futures for November 2016 contract closed at Rs 3036 per barrel, up by 0.90 per cent, after opening at Rs 3000, against a previous close of Rs 3009. It touched the intra-day high of Rs 3058.
Prices had suffered losses in earlier trading on the back of a second straight weekly rise in U.S. crude supplies and concern that Trump’s win would lead to more production and add to the nation’s glut of oil supplies.
At the MCX, crude oil futures for November 2016 contract closed at Rs 3036 per barrel, up by 0.90 per cent, after opening at Rs 3000, against a previous close of Rs 3009. It touched the intra-day high of Rs 3058.
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