Crude oil futures slip over 1% on oversupply concerns

Crude oil futures slip over 1% on oversupply concerns

30/05/2017 13:42

Crude oil futures fell over 1 per cent during the afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity amid persistent oversupply concerns as a constant rise in the US drilling undermined an OPEC-led push to tighten supply.

However, start of the American summer driving season boosted demand for transport fuels as families visit friends and relatives or go on vacation during the Northern Hemisphere summer months, restricted further fall in crude oil prices.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,217 per barrel, down by 1.29 per cent, after opening at Rs 3,245, against a previous close of Rs 3,259. It touched the intra-day low of Rs 3,214 (at 13:22 hours).

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