Crude Oil Dips On Rising US Crude Supply

Crude oil futures closed lower in the domestic market on Thursday as growing concerns over rising U.S. production and the restart of Libya’s largest oil field rattled the market. The report from the U.S. Energy Information Administration also showed a rise in oil production in the lower 48 states, stirring up concerns of higher oil prices in the beginning of the year have encouraged U.S. producers to boost output.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3152 per barrel, down by 1.47 per cent, after opening at Rs 3191, against a previous close of Rs 3199. It touched the intra-day low of Rs 3101. 
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Suhani Verma

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