Futures contracts of crude oil rose over 1% on the MCX tracking the benchmark contracts on the NYMEX.Prices rose on the New York exchange after the latest data by American Petroleum Institute showed that crude oil inventories in the US fell by 10.23 mln barrels in week ended Jul 21.Output cut announcement by Saudi Arabia also supported prices. The gulf nation said it will cap exports at 6.6 mln barrels per day in August.
Source : Newswire
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