Crude oil dips on rise in supply

Crude oil dips on rise in supply

19/07/2016 08:57

Crude oil futures closed lower in the domestic market on Monday as traders dismissed worries of supply disruptions from the attempted coup in Turkey. Turkey’s attempted coup barely affected the market as Istanbul’s Bosphorus Strait, which handles about 3 percent of global oil shipments mainly from Black Sea ports and the Caspian region, reopened from a brief closure.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,039 per barrel, down by 1.36 per cent, after opening at Rs. 3,099, against the previous closing price of Rs. 3,081. It touched the intra-day low of Rs. 3012.

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