Crude Oil Down On Rising US Crude Supply

Crude oil futures closed lower in the domestic market on Thursday as a weekly decline in U.S. crude production helped to temper pressure from a surprise weekly rise in U.S. supplies.

U.S. government data released Wednesday revealed a weekly decline for U.S. production in the lower 48 states for the first time this year, suggesting a slowdown in domestic output.

At the MCX, crude oil futures for June 2017 contract closed at Rs 2943 per barrel, down by 0.78 per cent, after opening at Rs 2972, against a previous close of Rs 2966. It touched the intra-day low of Rs 2911.

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Suhani Verma

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