Crude Oil Dips As Traders Weigh OPEC Meet Outcome

Crude oil futures closed lower in the domestic market on Wednesday as traders weighed potential outcomes for a much-anticipated meeting of major oil producers that will help decide the fate of global crude production levels.

A joint committee of members and nonmembers of the Organization of the Petroleum Exporting Countries on Wednesday recommended a nine-month extension to the production-cut agreement that expires in June.

At the MCX, crude oil futures for June 2017 contract closed at Rs 3331 per barrel, down by 0.30 per cent, after opening at Rs 3351, against a previous close of Rs 3341. It touched the intra-day low of Rs 3317.

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Suhani Verma

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