Crude Oil Down On US Crude Supply Worries

Crude oil futures closed lower in the domestic market on Tuesday as traders continued to show concerns over growth in U.S. oil production and doubts that OPEC can effectively lead the market back into balance after several years of oversupply.

Crude had come under fresh pressure last week as U.S. production showed further growth and gasoline supplies surprisingly increased.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3186 per barrel, down by 0.13 per cent, after opening at Rs 3191, against a previous close of Rs 3190. It touched the intra-day low of Rs 3154.

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Suhani Verma

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