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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