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Crude oil futures closed lower in the domestic market on Monday as concerns over the potential for a sizable increase in U.S. crude production outweighed support from Saudi Arabia’s energy minister.
Unrelenting worries about production picking up in other regions that didn’t agree to curb output, including U.S. shale-oil producers, weighed on prices.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3625 per barrel, down by 0.36 per cent, after opening at Rs 3625, against a previous close of Rs 3638. It touched the intra-day low of Rs 3575.
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Unrelenting worries about production picking up in other regions that didn’t agree to curb output, including U.S. shale-oil producers, weighed on prices.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3625 per barrel, down by 0.36 per cent, after opening at Rs 3625, against a previous close of Rs 3638. It touched the intra-day low of Rs 3575.
