Crude oil futures in reverse gear on supply overhang

Crude oil futures in reverse gear on supply overhang

11/11/2016 12:26

Crude oil futures were trading lower during the noon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output.

Traders said that an ongoing crude and refined product supply overhang that has dogged markets for over 2 years, weighed on markets.

At the MCX, crude oil futures for November 2016 contract is trading at Rs 2,990 per barrel, down by 0.70 per cent, after opening at Rs 2,992, against a previous close of Rs 3,011. It touched the intra-day low of Rs 2,988 (at 12:20 hours).

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