Crude oil rises as oil producers cut output
Crude oil futures closed higher in the domestic market on Thursday after gains over the past two sessions lifted prices to their highest level in nearly a month.
Prices continued to find support as confidence over oil-producer output cuts grows, but concerns over the potential for a sizable rise in U.S. production has kept price gains in check.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3615 per barrel, up by 0.84 per cent, after opening at Rs 3605, against a previous close of Rs 3585. It touched the intra-day high of Rs 3663.