Crude oil futures were little changed during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity weighed down by rising US shale oil production at both the US storage hub of Cushing, Oklahoma, and in the US Gulf Coast. However, concerns over geopolitical tensions in the Middle East and output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, kept a lid on further fall in crude oil prices at futures trade.
At the MCX, crude oil futures for April 2017 contract is trading at Rs 3422 per barrel, down by 0.06 per cent, after opening at Rs 3436, against a previous close of Rs 3424. It touched the intra-day low of Rs 3414.
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