Crude Oil Dips As Supply Glut Feared

Crude oil futures closed lower in the domestic market on Tuesday as investors remain skeptical that production cuts led by Middle Eastern producers and Russia are helping to alleviate a years long market glut.

Following the late May decision led by the Organization of the Petroleum Exporting Countries to extend the output-cut agreement into the first quarter of 2018, the focus now shifts to how U.S. crude and shale producers respond to higher prices.

At the MCX, crude oil futures for June 2017 contract closed at Rs 2980 per barrel, down by 0.27 per cent, after opening at Rs 2988, against a previous close of Rs 2988. It touched the intra-day low of Rs 2938.

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Suhani Verma

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