Crude oil dips as Harvey to cause excess crude supply
29/08/2017
Crude oil futures closed lower in the domestic market on Monday with traders expecting refinery shutdowns in the Gulf of Mexico region due to storm system Harvey to cause an excess in crude supplies.Investors will also have their eyes on U.S. stockpiles data this week, which could potentially cushion some of the impact on reduced supplies caused by Harvey. U.S. refiners produced record amounts of fuel during the summer.At the MCX, crude oil futures for September 2017 contract closed at Rs 2967 per barrel, down by 2.98 per cent, after opening at Rs 3059, against a previous close of Rs 3058. It touched the intra-day low of Rs 2951.
29/08/2017
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Crude oil futures closed lower in the domestic market on Monday with traders expecting refinery shutdowns in the Gulf of Mexico region due to storm system Harvey to cause an excess in crude supplies.Investors will also have their eyes on U.S. stockpiles data this week, which could potentially cushion some of the impact on reduced supplies caused by Harvey. U.S. refiners produced record amounts of fuel during the summer.At the MCX, crude oil futures for September 2017 contract closed at Rs 2967 per barrel, down by 2.98 per cent, after opening at Rs 3059, against a previous close of Rs 3058. It touched the intra-day low of Rs 2951.
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