Crude oil futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators cut down their bets in the energy commodity on doubts whether an OPEC-led production cut will restore balance to a market dogged by oversupply. Besides, US production jumped around 10 per cent since mid-2016 to 9.25 million bpd, close to the world’s top 2 producers i.e. Saudi Arabia and Russia. Moreover, the Chief Executive of France’s Total warned this week that prices could fall further due to the climbing US production.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3291 per barrel, down by 0.30 per cent, after opening at Rs 3299, against a previous close of Rs 3301. It touched the intra-day low of Rs 3289 (at 12:47 hours).
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