Crude Oil Futures Closed Lower

Crude oil futures closed lower in the domestic market on Thursday as the market worried that growing U.S. crude producers may undermine efforts to rebalance global supply and demand. Saudi energy officials also told top independent U.S. oil firms this week that they should not assume OPEC will extend their production cuts to offset output growth from U.S. shale fields.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3269 per barrel, down by 4.55 per cent, after opening at Rs 3421, against a previous close of Rs 3425. It touched the intra-day low of Rs 3252.

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Suhani Verma

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