Crude Oil Futures Closed Lower

Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data revealed a weekly jump in crude supplies that lifted total inventories to another record.

The plunge came even as representatives from the Organization of the Petroleum Exporting Countries this week touted high compliance among the output-cut agreement participants since the start of the year.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3417 per barrel, down by 3.96 per cent, after opening at Rs 3550, against a previous close of Rs 3558. It touched the intra-day low of Rs 3416.

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Suhani Verma

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