Crude Oil Dips On Weekly Climb In US Oil Rigs

Crude oil futures closed lower in the domestic market on Friday as a rise in U.S. crude production and a weekly climb in oil rigs provoked concerns that OPEC-led efforts to bring balance the market are doomed.

The data contradicted some expectations that the rig count would continue to fall, following the previous week’s retreat, which marked the first decline since January. That combined with the weekly rise in total U.S. crude production reported by U.S.

Energy Department Administration Thursday to pull benchmark U.S. oil prices toward their lowest finish in nearly two weeks.

At the MCX, crude oil futures for July 2017 contract closed at Rs 2868 per barrel, down by 2.68 per cent, after opening at Rs 2933, against a previous close of Rs 2947. It touched the intra-day low of Rs 2835.

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Suhani Verma

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