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Crude oil futures closed higher in the domestic market on Tuesday as monthly outlook by the Organization of the Petroleum Exporting Countries detailed a sharp decline in OPEC production and showed cartel members were largely putting into effect production cuts they agreed to late last year that took effect on Jan. 1. The upside for oil futures was limited however by growing supply levels in the United States. At the MCX, crude oil futures for February 2016 contract closed at Rs 3569 per barrel, up by 0.68 per cent, after opening at Rs 3552, against a previous close of Rs 3545. It touched the intra-day high of Rs 3590.
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