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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 3499 per barrel, down by 2.67 per cent, after opening at Rs 3577, against a previous close of Rs 3595. It touched the intra-day low of Rs 3483.