Crude Oil Dips On Increase In US Crude Production

Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data showed a smaller-than-expected weekly decline in domestic supplies and an increase in gasoline stockpiles and crude production. 

Prices had already been trading lower in the wake of a report from the International Energy Agency which that warned the global oil glut will persist this year despite efforts to curb supply. At the MCX, crude oil futures for June 2017 contract closed at Rs 2872 per barrel, down by 3.79 per cent, after opening at Rs 2970, against a previous close of Rs 2985. It touched the intra-day low of Rs 2863.

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Suhani Verma

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