Crude Oil Flat On Rising US Crude Production

Crude oil futures closed flat in the domestic market on Thursday 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 2877 per barrel, up by 0.14 per cent, after opening at Rs 2889, against a previous close of Rs 2873. It touched the intra-day high of Rs 2894.

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Suhani Verma

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