Crude Oil Dips On Growing US Crude Output

Crude oil futures closed lower in the domestic market on Tuesday after a monthly OPEC report showed production out of Saudi Arabia climbing back above 10 million barrels of oil a day, along with a sizable increase in U.S. output.

The Organization of the Petroleum Exporting Countries’s latest monthly report revealed that Saudi Arabian crude oil came in at 10.011 million barrels a day in February, up from 9.748 million in January, according to figures submitted by the country.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3139 per barrel, down by 2 per cent, after opening at Rs 3224, against a previous close of Rs 3203. It touched the intra-day low of Rs 3107.

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Suhani Verma

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