Crude Oil Futures In Reverse Gear

Crude oil futures were trading lower during noon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity amid persistent signs of rising supply which undermined an OPEC and other producers’ efforts to support prices.
Besides, OPEC supplies jumped in May as output recovered in Libya and Nigeria, 2 countries exempt from the production cut agreement, too influenced crude oil prices. At the MCX, crude oil futures for July 2017 contract is trading at Rs 2878 per barrel, down by 0.62 per cent, after opening at Rs 2882, against a previous close of Rs 2896. It touched the intra-day low of Rs 2875 (at 12:07 hours).
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