Crude oil down on rising production

Crude oil down on rising production

27/07/2016 08:49

Crude oil futures closed lower in the domestic market on Tuesday as traders continued to fret over the prospect of more U.S. oil-drilling activities and an expected slowdown in domestic refining activities.

Also, concerns over the global economy and rising crude production continued to dent confidence in the oil futures market.

At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2903 per barrel, down by 0.82 per cent, after opening at Rs. 2928, against the previous closing price of Rs. 2927. It touched the intra-day low of Rs. 2873.

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