Crude oil futures closed higher in the domestic market on Monday as speculators widened their bets, taking positive cues from the Asian markets. Analysts said speculative positions were built up by traders after crude oil prices edged up in Asia as OPEC member Venezuela indicated that a deal to limit output was close.
Fighting in Libya thwarted kick-starting of exports, but the gains were limited by ongoing worries about a supply glut which influenced crude prices.
At the MCX, crude oil futures for September 2016 contract closed at Rs 2,903 per barrel, up by 0.62 per cent, after opening at Rs 2,899, against a previous close of Rs 2,885. It touched the intra-day high of Rs 2,953.
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