Crude Oil Dips On Concerns Over Increasing Crude Output

Crude oil futures closed lower in the domestic market on Thursday as traders continued to weigh the prospects and timing for a balance between supply and demand in the market. On Thursday, data revealed that the number of active U.S. oil rigs has climbed for a 13th week in a row, feeding concerns over growth in domestic crude output. At the MCX, crude oil futures for April 2016 contract closed at Rs 3423 per barrel, down by 0.61 per cent, after opening at Rs 3436, against a previous close of Rs 3444. It touched the intra-day low of Rs 3410.
 
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Suhani Verma

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