Crude oil futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity amid lingering worries over rising output from Libya and US that is undermining OPEC-led cuts aimed at tightening supply.
According to the media reports, Libya’s oil production likely to rise about 8,00,000 barrels per day (bpd) this week.
At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,180 per barrel, down by 0.72 per cent, after opening at Rs 3,196, against a previous close of Rs 3,203. It touched the intra-day low of Rs 3,175 (at 13:44 hours).
For Quick Trial – 8962000225 ✔