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Crude oil rises on rise in US inventories data

Crude oil futures closed higher in the domestic market on Thursday on reports of a surprise buildup in U.S. inventories. Upbeat economic reports also added to the view that demand was on an uptrend. Traders will be watching to see whether producers will underreport production, a behavior that surfaced in past attempts to rein in global output. At the MCX, crude oil futures for January 2016 contract closed at Rs 3608 per barrel, up by 0.87 per cent, after opening at Rs 3580, against a previous close of Rs 3577. It touched the intra-day high of Rs 3623.

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