Crude oil futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the energy commodity on concerns that the OPEC-led production cut may not significantly tighten a bloated market. Also, rising output in Libya and the U.S., and a survey showing a fall last month in compliance with the Organization of the Petroleum Exporting Countries’ production cut, sent futures to their lowest settlements in several weeks.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3054 per barrel, down by 0.42 per cent, after opening at Rs 3079, against a previous close of Rs 3067. It touched the intra-day low of Rs 3053.
For Quick Trial – 8962000225 ✔