Crude oil futures SLIPPED to settle at Rs 3,830/bl on Friday, January 15 as participants cut their positions as seen by the open interest. The prices declined on mounting coronavirus cases globally leading to stricter lockdown measures implemented by nations to mitigate the spread. It ended the week with a gain of Rs 28 or 0.74 percent to touch an 11-month high on the domestic market. Crude prices rose in three out of the five trading sessions on the Multi Commodity Exchange (MCX).

The US Energy Information Administration reported that US crude inventories fell for the fifth consecutive week by 3.24-mln barrels to 482.2 million barrels for the week ended January 8 against the previous week's inventories of 485.5 million barrels.

The number of rigs drilling crude oil in the US increased by 12 to 287 rigs for the week to January 15, the highest since May 2020 said Baker Hughes in a weekly report. The rigs count rose for the eighth consecutive week.

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