Crude Oil Dips On Increasing US Crude Inventories

Crude oil futures closed lower in the domestic market on Thursday after U.S. government data showed that domestic crude inventories hit a record and production edged higher last week.

The increase in U.S. stocks outweighed another decline in Saudi Arabian exports in February, indicating the top OPEC producer is cutting more output that expected.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3537 per barrel, down by 1.86 per cent, after opening at Rs 3591, against a previous close of Rs 3604. It touched the intra-day low of Rs 3530.

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Suhani Verma

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