Crude Oil Futures Closed Lower In The Domestic Market

Crude oil futures closed lower in the domestic market on Monday as another rise in active U.S. oil rigs renewed concerns over domestic production and some analysts worried that a change to the G-20 policy statement may impact global trade.

Meanwhile, news that financial officials at the Group of 20 industrialized and developing nations meeting dropped a disavowal of protectionism, at the request of U.S. Treasury Secretary Mnuchin, from a closely watched policy statement also weighed on oil prices.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3163 per barrel, down by 1.03 per cent, after opening at Rs 3180, against a previous close of Rs 3196. It touched the intra-day low of Rs 3130.

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Suhani Verma

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