Crude Oil Dips On Rising US Crude Production

Crude oil futures closed lower in the domestic market on Friday as rising U.S. production and President Trump’s withdrawal from the Paris Climate Accord added to fears of a persistent supply glut.

With around half of the cuts from OPEC so far being offset by the rise in U.S. production, this latest development threatens yet more support for the U.S. shale sector, further delaying the process of rebalancing the market.

At the MCX, crude oil futures for June 2017 contract closed at Rs 3080 per barrel, down by 2.50 per cent, after opening at Rs 3130, against a previous close of Rs 3159. It touched the intra-day low of Rs 3021.

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Suhani Verma

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