Crude oil prices clouded by US supply worries

Crude oil prices clouded by US supply worries

03/03/2017 13:28

Crude oil futures were little changed during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity amid concerns about increasing US production, something that’s likely to keep a tight lid on prices.

Also, crude prices are being held in check by unchanged Russian output for February, a sign of its weak compliance on a global deal to cut supplies.

However, oil prices recovered from morning steep losses as the dollar edged away from a multi-week high amid caution ahead of the Fed policy-setters, including Chairwoman Janet Yellen and Vice Chairman Stanley Fischer, speach later in the day, in which they likely provide further clues on the Fed’s policy path ahead of the March 14-15 meeting.

At the MCX, crude oil futures for March 2017 contract is trading at Rs 3,535 per barrel, down by 0.06 per cent, after opening at Rs 3530, against a previous close of Rs 3537. It touched the intra-day low of Rs 3523 (at 13:03 hours).

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