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Crude oil futures trade marginally lower on MCX
Apr-21-2017

Crude oil futures traded marginally lower on MCX as investors and speculators cut down their bets in the energy commodity on doubts whether an OPEC-led production cut will restore balance to a market dogged by oversupply. Besides, US production jumped around 10 percent since mid-2016 to 9.25 million bpd, close to the world's top 2 producers i.e. Saudi Arabia and Russia. Moreover, the Chief Executive of France's Total warned this week that prices could fall further due to the climbing US production, too weighed on crude oil prices.

The contract for May delivery was trading at Rs 3288.00, down by 0.39% or Rs 13.00 from its previous closing of Rs 3301.00. The open interest of the contract stood at 15868 lots.

The contract for June delivery was trading at Rs 3322.00, down by 0.6% or Rs 20.00 from its previous closing of Rs 3342.00. The open interest of the contract stood at 818 lots on MCX.

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