Crude oil futures in reverse gear

Crude oil futures in reverse gear

01/02/2017 13:54

Crude oil futures plunged over 1 per cent during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity amid plentiful supply in places such as the United States.

However, joining of Russia with the Organization of the Petroleum Exporting Countries (OPEC) in cutting production to try to balance the market, restricted further fall in crude prices at futures trade.

Russia’s cuts are part of an effort led by OPEC, of which Russia is not a member, to prop up the market and end a global fuel supply glut.

At the MCX, crude oil futures for February 2017 contract is trading at Rs 3576 per barrel, down by 1.05 per cent, after opening at Rs 3608, against a previous close of Rs 3614. It touched the intra-day low of Rs 3570 (at 13:45 hours).

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