Crude Oil Down On Rising US Crude Production

Crude oil futures closed lower in the domestic market on Thursday on continued concerns about growing U.S. crude production.

The sharp drop also came on the back of recent data, including a 13th consecutive weekly rise in U.S. rigs drilling for oil and a forecast for higher domestic shale output in May, that imply the U.S. will continue to add to global supplies even as OPEC and its allies curb production under a six-month pact that kicked in at the start of the year.At the MCX, crude oil futures for May 2016 contract closed at Rs 3301 per barrel, down by 1.11 per cent, after opening at Rs 3316, against a previous close of Rs 3338. It touched the intra-day low of Rs 3283. 
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Suhani Verma

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