Crude oil little changed on oversupply concerns
02/05/2017
Crude oil futures were little changed during afternoon trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the energy commodity on worries over rising production and that the OPEC-led production cut may not significantly tighten a bloated market.
Analysts said that crude oil has been weighed down by the market's impatience with the slow pace of inventory drawdown.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3141 per barrel, down by 0.03 per cent, after opening at Rs 3138, against a previous close of Rs 3142. It touched the intra-day low of Rs 3125 (at 12:52 hours).
02/05/2017
Crude oil futures were little changed during afternoon trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the energy commodity on worries over rising production and that the OPEC-led production cut may not significantly tighten a bloated market.
Analysts said that crude oil has been weighed down by the market's impatience with the slow pace of inventory drawdown.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3141 per barrel, down by 0.03 per cent, after opening at Rs 3138, against a previous close of Rs 3142. It touched the intra-day low of Rs 3125 (at 12:52 hours).
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