Crude oil futures were trading higher by over 1 per cent during the morning trade in the domestic market on Wednesday as investors turned their focus from safe-haven assets to riskier assets after markets shook off some of shock from Brexit, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.
On the supply side, a looming strike by Norwegian oil workers threatened to cut output from the biggest North Sea producer. In crisis-struck Venezuela, oil producers and refiners were struggling to keep output up due to power outages and equipment shortages also supported oil prices.
At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,276 per barrel, up by 1.55 per cent, after opening at Rs 3,240, against a previous close of Rs 3,226. It touched the intra-day high of Rs 3,282 (At 10:26 hours).