Crude Oil Down On Rising US Crude Output

Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data revealed a rise in domestic crude production, intensifying concerns over the glut of global supplies even as domestic stockpiles fell for a second straight week.

The biggest headwind for the market remains the steady trend of rising U.S. oil output as it is offsetting the efforts of global production-cut agreement, and at the same time damaging morale among [the Organization of the Petroleum Exporting Countries] producers who are actively forfeiting market share to the U.S.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2741 per barrel, down by 2.56 per cent, after opening at Rs 2819, against a previous close of Rs 2813. It touched the intra-day low of Rs 2732.

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Suhani Verma

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