Crude oil futures closed lower in the domestic market on Wednesday as uncertainty over Russia’s willingness to cut production and a monthly rise in output from OPEC members sent prices lower for the second session in a row.
The increase in oil production comes at a time when producers inside the Organization of the Petroleum Exporting Countries are in discussions with Russia, a non-OPEC player, on ways to chip away the glut and stabilize prices.
At the MCX, crude oil futures for October 2016 contract closed at Rs 3357 per barrel, down by 0.86 per cent, after opening at Rs 3400, against a previous close of Rs 3386. It touched the intra-day low of Rs 3336.
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