Friday, 29 September 2017

Crude oil dips on profit taking, technical trading: 29 Sept 2017


Crude oil futures closed lower in the domestic market on Thursday on profit-taking as well as technical trading.

Oil had settled higher on Wednesday after the U.S. Energy Information Administration reported an unexpected 1.8 million barrel decline in crude inventories in the week ended Sept. 22, with the draw attributed in part to a surge in exports. Hurricane Harvey disrupted refining operations in the Gulf Coast, which resulted in notable oil supply builds because of lower refinery input demand, and sizable gasoline draws due to lower refinery runs.

At the MCX, crude oil futures for October 2017 contract closed at Rs 3376 per barrel, down by 1.17 percent, after opening at Rs 3424, against a previous close of Rs 3416. It touched the intra-day low of Rs 3360.

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