Crude Oil Flat On Increasing US Output

Crude oil futures closed flat in the domestic market on Tuesday amid concerns about further growth in U.S. output, but signs that Saudi Arabia and Russia are sticking to their pledge to cut crude production kept losses in check.

Saudi exports dropped to a 21-month low in February as Organization of the Petroleum Exporting Countries’ top producer stuck to its promise to curb output.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3402 per barrel, up by 0.09 per cent, after opening at Rs 3400, against a previous close of Rs 3399. It touched the intra-day high of Rs 3413.

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Suhani Verma

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