Crude Oil Futures In Reverse Gear On West Asian Rift

Crude oil futures were trading lower during the afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity amid escalating tensions that a political rift between Qatar and several Arab powers would undermine an OPEC-led pact to tighten the market. Besides, continuous rise in US production, too influenced the crude oil prices.
Leading Arab states including Saudi Arabia, Egypt, and the United Arab Emirates had cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3043 per barrel, down by 0.29 per cent, after opening at Rs 3042, against a previous close of Rs 3052. It touched the intra-day low of Rs 3036.
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