Crude oil future slip amid oversupply concerns 11/08/2017

Crude oil future slip amid oversupply concerns

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Crude oil futures closed lower in the domestic market on Thursday as oversupply concerns spooked investors amid rising tensions between the United States and North Korea. The development came even after US government data showed a sharp decline in crude inventory.However, a broader so-called risk-off move in financial markets on mounting tensions between the U.S. and North Korea as well as concerns that global supplies aren’t falling as much as hoped kept price moves in check. U.S. crude oil inventories fell by 6.5 million barrels to 1.15 billion barrels while gasoline inventories rose 3.4 million barrels to 231.1 million barrels in the week ended Aug. 4.At the MCX, crude oil futures for August 2017 contract closed at Rs 3130 per barrel, down by 0.86 per cent, after opening at Rs 3168, against a previous close of Rs 3157. It touched the intra-day low of Rs 3120.

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