Crude oil down on climb in US output
17/08/2017
Crude oil futures closed lower in the domestic market on Wednesday after the Energy Information Administration report revealed a weekly climb in US domestic production to the highest level in over two years.The government data also showed the largest weekly decline in U.S. crude supplies since September of last year and they have now fallen seven weeks in a row, but those figures failed to offer any lasting price support for oil during the session. At the MCX, crude oil futures for August 2017 contract closed at Rs 3006 per barrel, down by 2.08 per cent, after opening at Rs 3070, against a previous close of Rs 3070. It touched the intra-day low of Rs 3003.
17/08/2017
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Crude oil futures closed lower in the domestic market on Wednesday after the Energy Information Administration report revealed a weekly climb in US domestic production to the highest level in over two years.The government data also showed the largest weekly decline in U.S. crude supplies since September of last year and they have now fallen seven weeks in a row, but those figures failed to offer any lasting price support for oil during the session. At the MCX, crude oil futures for August 2017 contract closed at Rs 3006 per barrel, down by 2.08 per cent, after opening at Rs 3070, against a previous close of Rs 3070. It touched the intra-day low of Rs 3003.
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