Crude Oil Down On Rising US Crude Supply

Crude oil futures closed lower in the domestic market on Wednesday as rising output in Libya and the U.S., and a survey showing a fall last month in compliance with the Organization of the Petroleum Exporting Countries’ production cut, sent futures to their lowest settlements in several weeks.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3070 per barrel, down by 0.55 per cent, after opening at Rs 3103, against a previous close of Rs 3087. It touched the intra-day low of Rs 3045. 
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Suhani Verma

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