Crude oil futures closed higher in the domestic market on Wednesday buoyed by signs of Saudi compliance with the output cut agreement.
Traders appeared to largely ignore U.S. government data that revealed hefty weekly increases in domestic crude and petroleum-product stocks, along with an increase in oil production. Meanwhile, a news conference held by President-elect Trump—his first since winning the election in November—reinforced the belief that he could be bullish for oil prices.
At the MCX, crude oil futures for January 2016 contract closed at Rs 3587 per barrel, up by 2.11 per cent, after opening at Rs 3500, against a previous close of Rs 3513. It touched the intra-day high of Rs 3597.