Crude Oil Dips As Rise In US Oil Production Likely

Crude oil futures closed lower in the domestic market on Monday as expectations for a monthly rise in U.S. shale-oil production helped to push prices back in the wake of a more than 5% climb last week.

In a monthly report released Monday, shortly before WTI prices settled, the U.S. Energy Information Administration said it sees a rise of 113,000 barrels a day to 5.585 million barrels a day in August oil production from seven major domestic shale plays, compared with July, with the Permian Basin expected to see the largest output climb. 

The data followed a separate monthly short-term outlook report from the EIA, which forecast a growth slowdown in U.S. output next year because of lower oil prices. At the MCX, crude oil futures for July 2017 contract closed at Rs 2972 per barrel, down by 0.60 per cent, after opening at Rs 3005, against a previous close of Rs 2990. It touched the intra-day low of Rs 2964.

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Suhani Verma

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