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Crude oil rises on Iranian production sentiment

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Crude oil futures closed higher in the domestic market on Thursday in the wake of a larger-than-expected increase in U.S. crude inventories. 

The news that Iranian production had stalled sent the bulls out in force once again. According to the latest data published by the country's state oil company, production for July came in at 3.85m barrels per day (bpd), little changed from the 3.8m bpd noted in June. 

At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3164 per barrel, up by 0.51 per cent, after opening at Rs. 3242, against the previous closing price of Rs. 3148. It touched the intra-day high of Rs. 3179.

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