Crude Oil Down On Rising US Crude Supply

Crude oil futures closed lower in the domestic market on Tuesday as investors remained concerned that rising output from the U.S. and Libya will offset OPEC-led production cuts.

Libya, which is exempt from the output-cut accord led by the Organization of the Petroleum Exporting Countries, has ramped up production to 900,000 barrels a day, adding further pressure on the market that is awash with surplus.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2818 per barrel, down by 2.69 per cent, after opening at Rs 2882, against a previous close of Rs 2896. It touched the intra-day low of Rs 2791.

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Suhani Verma

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