Crude Oil Dips On Rising US Rig Count

Crude oil futures closed lower in the domestic market on Monday pressured by another weekly rise in the U.S. oil-rig count and uncertainty over whether OPEC will extend its production cuts into the second half of the year.

OPEC officials urged members to cut oil production in line with last year’s agreement, and said the compliance committee will meet again in late April to recommend to the cartel whether cuts need to be extended another six months.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3111 per barrel, down by 0.99 per cent, after opening at Rs 3151, against a previous close of Rs 3142. It touched the intra-day low of Rs 3076.

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Suhani Verma

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