Moreover, ongoing concern over Russia’s compliance with a global deal to cut crude oil production, too influenced crude oil prices.
China aims to expand its economy by around 6.5 per cent this year, lower than the 6.7 per cent growth achieved last year. Lowering of growth targets by China and tighter regulatory controls implies less demand for oil and commodities in general.
At the MCX, crude oil futures for March 2017 contract is trading at Rs 3534 per barrel, down by 0.62 per cent, after opening at Rs 3547, against a previous close of Rs 3556. It touched the intra-day low of Rs 3532 (at 13:32 hours).