Crude Oil In Reverse Gear As Supply Glut Prevails

Crude oil futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity amid ongoing fuel glut despite OPEC and other producers’ efforts to tighten the market supply. Oil prices fell due to oversupply despite the effort led by the Organization of the Petroleum Exporting Countries (OPEC) and others to trim almost 1.8 million barrels per day (bpd) of production until March 2018.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 2927 per barrel, down by 0.61 per cent, after opening at Rs 2935, against a previous close of Rs 2945. It touched the intra-day low of Rs 2910.

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Suhani Verma

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