Crude oil dips on OPEC output concerns 16/08/2017

Crude oil dips on OPEC output concerns
16/08/2017

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Crude oil futures closed lower in the domestic market on Monday as concerns over rising crude output from OPEC members and U.S. shale-oil producers pushed prices lower.Losses for oil intensified after a report from the U.S. Energy Information Administration revealed expectations for a monthly rise in domestic shale-oil output.Drop in oil prices comes after both OPEC and the International Energy Agency last week said oil production from the cartel had risen in July to almost reach 33 million barrels a day.At the MCX, crude oil futures for August 2017 contract closed at Rs 3071 per barrel, down by 1.79 per cent, after opening at Rs 3128, against a previous close of Rs 3127. It touched the intra-day low of Rs 3064.


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