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Crude oil futures edge lower on rising US drilling
Mar-20-2017

Crude oil futures edged lower on MCX as investors and speculators exited their positions in the energy commodity on rising US drilling activity, as drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631. Besides, firm supplies from OPEC countries despite its pledge to cut output by almost 1.8 mbpd together with some other producers like Russia, too influenced crude oil prices.

The contract for March delivery was trading at Rs 3171.00, down by 0.78% or Rs 25.00 from its previous closing of Rs 3196.00. The open interest of the contract stood at 15116 lots.

The contract for April delivery was trading at Rs 3222.00, down by 0.71% or Rs 23.00 from its previous closing of Rs 3245.00. The open interest of the contract stood at 10534 lots on MCX.

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