Crude Oil Dips On Rising US Crude Output

Crude oil futures closed lower in the domestic market on Wednesday as a steep drop ahead Wednesday’s settlement pushed prices to their lowest finish in 2½ weeks. An unexpected weekly climb in U.S. gasoline supplies—the first in about two months—had fueled earlier losses, which worsened amid volatile trading tied to Thursday’s expiration of the May West Texas Intermediate crude contract.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3271 per barrel, down by 3.77 per cent, after opening at Rs 3383, against a previous close of Rs 3399. It touched the intra-day low of Rs 3267.

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Suhani Verma

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