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Wednesday 4 October 2017

Crude oil dips on rising OPEC production

Crude oil futures closed lower in the domestic market on Tuesday as traders weighed prospects for global supplies on the back of a rise in OPEC production last month and ahead of data that are expected to show a second-straight weekly decline in U.S. crude inventories.

A recent survey of analysts conducted by Reuters pegged the Organization of the Petroleum Exporting Countries’ September crude output at 32.86 million barrels a day, up from the previous month and above its production cap.

At the MCX, crude oil futures for October 2017 contract closed at Rs 3311 per barrel, down by 1.84 %, after opening at Rs 3354, against a previous close of Rs 3373. It touched the intra-day low of Rs 3295.


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