Crude Oil Flat On Rising US Crude Supply

Crude oil futures closed flat in the domestic market on Friday as data showing that the global market remains soaked in surplus oil, rising U.S. crude production and weak domestic gasoline demand kept pressure on prices.

OPEC’s agreement with non-OPEC members remains in a fragile state as none of those participating are particularly happy about the arrangement.

At the MCX, crude oil futures for June 2017 contract closed at Rs 2876 per barrel, down by 0.03 per cent, after opening at Rs 2877, against a previous close of Rs 2877. It touched the intra-day low of Rs 2871.

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Suhani Verma

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