Crude oil dips as higher US crude output likely
01/03/2017 08:40
Crude oil futures closed lower in the domestic market on Tuesday as traders bet that upcoming U.S. government data will reveal a climb in domestic crude supplies for an eighth week in a row. The Organization of the Petroleum Exporting Countries, along with some non-OPEC members, implemented an agreement at the start of the year to cut back production by roughly 1.8 million barrels a day to ease a global glut of supplies and boost prices, but output in the U.S. has shown signs of recovery. At the MCX, crude oil futures for March 2016 contract closed at Rs 3566 per barrel, down by 1.57 per cent, after opening at Rs 3629, against a previous close of Rs 3623. It touched the intra-day low of Rs 3559.
01/03/2017 08:40
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Crude oil futures closed lower in the domestic market on Tuesday as traders bet that upcoming U.S. government data will reveal a climb in domestic crude supplies for an eighth week in a row. The Organization of the Petroleum Exporting Countries, along with some non-OPEC members, implemented an agreement at the start of the year to cut back production by roughly 1.8 million barrels a day to ease a global glut of supplies and boost prices, but output in the U.S. has shown signs of recovery. At the MCX, crude oil futures for March 2016 contract closed at Rs 3566 per barrel, down by 1.57 per cent, after opening at Rs 3629, against a previous close of Rs 3623. It touched the intra-day low of Rs 3559.
