Crude Oil Dips On IEA Report Warning

Crude oil futures closed lower in the domestic market on Tuesday as a report from the International Energy Agency warned that an extension to the OPEC-led production cut agreement won’t be enough to rebalance the global crude market.

That offset support from expectations that the Organization of the Petroleum Exporting Countries and its allies will extend production cuts into 2018.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3120 per barrel, down by 0.92 per cent, after opening at Rs 3160, against a previous close of Rs 3149. It touched the intra-day low of Rs 3115.

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Suhani Verma

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