MCX COMMODITY OPTIONS TIPS : Crude oil drops amid glut concerns 02/06/2017

Crude oil drops amid glut concerns 02/06/2017

Crude oil drops amid glut concerns
02/06/2017

Crude oil futures fell over 2 per cent during the afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity amid worries that US President Trump's decision to quit global climate agreement could spark more crude drilling in the US, and will strongly hit OPEC’s efforts to drain a global crude supply overhang.
Trump’s move could increase the supply-side equation from the US and complicate OPEC's forward projections, a scenario that would not be favorable for oil prices.
At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,072 per barrel, down by 2.75 per cent, after opening at Rs 3,130, against a previous close of Rs 3,159. It touched the intra-day low of Rs 3,067 (at 12:51 hours).

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