Despite efforts by top producers Saudi Arabia and Russia to extend output cuts, crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity after data showed an increase in the US crude inventories.
According to the American Petroleum Institute (API) data showed on Tuesday, US crude oil inventories rose by 882,000 barrels in the week ending May 12 to 523.4 million, against analyst expectations for a decrease of 2.4 million barrels.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3101 per barrel, down by 0.70 per cent, after opening at Rs 3111, against a previous close of Rs 3123. It touched the intra-day low of Rs 3088 (at 13:46 hours).
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