Crude oil dips on OPEC meet outcome 01/06/2017

Crude oil dips on OPEC meet outcome
01/06/2017

Crude oil futures closed lower in the domestic market on Wednesday underscoring investors’ belief that the extended-production caps by major producers and the summer-driving season in the U.S. won’t do enough to reduce global supplies.
The initial OPEC-led production cuts has so far done little to cut global inventories. And the initial price jump after the deal was announced six months ago helped encourage new U.S. drilling activity and send oil production there rebounding after 2016’s decline.
At the MCX, crude oil futures for June 2017 contract closed at Rs 3124 per barrel, down by 2.47 per cent, after opening at Rs 3196, against a previous close of Rs 3203. It touched the intra-day low of Rs 3090.

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