Crude Oil Down On Concerns Over Increasing US Oil Rigs

Crude oil futures closed lower in the domestic market on Monday pressured by data showing gains in the number of active U.S. oil rigs over the past 13 weeks and expectations for a rise in monthly domestic shale production.
Traders have been concerned that growing U.S. output will offset efforts by the Organization of the Petroleum Exporting Countries and its allies to balance global oil supply and demand. OPEC and 11 other non-OPEC producers agreed to cut production by 1.2 million barrels day for the first half of this year. At the MCX, crude oil futures for April 2016 contract closed at Rs 3402 per barrel, down by 0.53 per cent, after opening at Rs 3420, against a previous close of Rs 3420. It touched the intra-day low of Rs 3393. 
 
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Suhani Verma

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