Crude oil dips on rising US crude supplies
22/03/2017 08:35
Crude oil futures closed lower in the domestic market on Tuesday due to the expiration of the April futures contracts, ahead of data expected to reveal a rise in weekly U.S. crude supplies.
Traders also kept an eye out for hints on whether the Organization of the Petroleum Exporting Countries will extend the production-cut agreement between its members and other major producers beyond June. OPEC sources have indicated that members increasingly favor an extension but want the backing of non-OPEC oil producers, which have yet to deliver fully on existing cuts.
At the MCX, crude oil futures for April 2016 contract closed at Rs 3169 per barrel, down by 1.52 per cent, after opening at Rs 3230, against a previous close of Rs 3218. It touched the intra-day low of Rs 3165.
22/03/2017 08:35
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Crude oil futures closed lower in the domestic market on Tuesday due to the expiration of the April futures contracts, ahead of data expected to reveal a rise in weekly U.S. crude supplies.
Traders also kept an eye out for hints on whether the Organization of the Petroleum Exporting Countries will extend the production-cut agreement between its members and other major producers beyond June. OPEC sources have indicated that members increasingly favor an extension but want the backing of non-OPEC oil producers, which have yet to deliver fully on existing cuts.
At the MCX, crude oil futures for April 2016 contract closed at Rs 3169 per barrel, down by 1.52 per cent, after opening at Rs 3230, against a previous close of Rs 3218. It touched the intra-day low of Rs 3165.
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Free Commodity Tips : Join our Whatsapp No : 9470940040
