Crude oil futures rose during late morning trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a surprise decline in US storage levels last week eased concerns over a global supply glut.
The Industry-funded American Petroleum Institute (API) said that US crude oil supplies fell by 752,000 barrels in the week ended September 23, 2016.
The EIA will release separate US inventory data on Wednesday.
Meanwhile, the focus is on an informal meeting of OPEC countries in Algeria today but chances of a deal to cut output are pretty slim.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 2,987 per barrel, up by 0.40 per cent, after opening at Rs 2,980, against a previous close of Rs 2,975. It touched the intra-day high of Rs 2,990.
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