Crude Oil Dips As Russia Refuses Further Production Cut

Crude oil futures closed lower in the domestic market on Wednesday after news that Russia ruled out any proposals to deepen the global production cuts and reports of higher monthly exports from OPEC.

Futures prices had traded in tight ranges earlier in Wednesday’s session, but were sent sharply lower after reports that Russia opposes any further restrictions on oil supply other than the ones already agreed. The Organization of the Petroleum Exporting Countries and a group of non-cartel members including Russia in May extended a deal to cut production into the first quarter of 2018.

Meanwhile, traders are looking ahead to the weekly U.S. petroleum supply and production data. At the MCX, crude oil futures for July 2017 contract closed at Rs 2935 per barrel, down by 4.34 per cent, after opening at Rs 3065, against a previous close of Rs 3068. It touched the intra-day low of Rs 2931.

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Suhani Verma

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