Crude oil down on growing US crude production
14/03/2017 08:44
Crude oil futures closed lower in the domestic market on Friday as traders looked to the release of monthly reports from major industry groups this week that are expected to provide updates on OPEC crude production and global demand.
Prices held ground at their lowest settlement since late November as robust growth in U.S. oil production continued to threaten the Organization of the Petroleum Exporting Countries’ plan to limit global production.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3204 per barrel, down by 0.77 per cent, after opening at Rs 3206, against a previous close of Rs 3229. It touched the intra-day low of Rs 3186.
14/03/2017 08:44
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Crude oil futures closed lower in the domestic market on Friday as traders looked to the release of monthly reports from major industry groups this week that are expected to provide updates on OPEC crude production and global demand.
Prices held ground at their lowest settlement since late November as robust growth in U.S. oil production continued to threaten the Organization of the Petroleum Exporting Countries’ plan to limit global production.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3204 per barrel, down by 0.77 per cent, after opening at Rs 3206, against a previous close of Rs 3229. It touched the intra-day low of Rs 3186.
