Crude Oil Dips On OPEC Meet Outcome

Crude oil futures closed lower in the domestic market on Thursday as traders showed disappointment with the Organization of the Petroleum Exporting Countries’ decision to extend production cuts by nine months.

An extension was widely expected, but traders had started to speculate that the cartel would make deeper reductions to output or extend the out-limit deal by 12 months.

At the MCX, crude oil futures for June 2017 contract closed at Rs 3179 per barrel, down by 4.51 per cent, after opening at Rs 3350, against a previous close of Rs 3329. It touched the intra-day low of Rs 3166.

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Suhani Verma

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