Crude Oil Futures In Reverse Gear On Rising US Inventories

Crude oil futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity as rising US inventories stoked worries about global oversupply. Meanwhile, investors focussed on preliminary US production estimates in EIA report that suggested domestic output is still climbing. It also showed that stockpiles at the US crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week.

At the MCX, crude oil futures for April 2017 contract is trading at Rs 3420 per barrel, down by 0.70 per cent, after opening at Rs 3436, against a previous close of Rs 3444. It touched the intra-day low of Rs 3412.

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Suhani Verma

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