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 preliminary data suggested that US crude stockpiles unexpectedly rose last week.
The American Petroleum Institute (API) reported a surprise 8,51,000 barrel increase in US crude inventories in the week through June 23.
At the MCX, crude oil futures for July 2017 contract is trading at Rs 2,850 per barrel, down by 0.35 per cent, after opening at Rs 2,852, against a previous close of Rs 2,860. It touched the intra-day low of Rs 2,839 (at 14:04 hours).
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