Crude oil dips on rise in US crude supplies : 20.1.2017


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Crude oil futures closed lower in the domestic market on Thursday following an unexpected rise in U.S. crude supplies. Speculation that higher oil prices will translate into additional U.S. shale-oil production as a counter- balance to OPEC efforts to trim supply and reduce excess inventories, pressured prices. At the MCX, crude oil futures for January 2016 contract closed at Rs 3492 per barrel, down by 0.23 per cent, after opening at Rs 3512, against a previous close of Rs 3500. It touched the intra-day low of Rs 3480