WTI oil prices jumped 1.6 percent last week to close at $51 per barrel while MCX oil prices rose by 1.5 percent to close at Rs.3325 per barrel. Prices surged to hover near one month high levels as expectations of tightness in oil supplies supported an upside. The American Petroleum Institute, on Tuesday said U.S. crude oil inventories fell by 1.8 million barrels last week. Further, production of crude oil from Britain's 180,000 barrel per day Buzzard field was temporarily halted while repair work is carried out at an onshore processing terminal in the North Sea. Last week, Prices rose to their highest in three weeks after Kuwait backed an extension of OPEC production cuts to reduce a global glut.
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