Tuesday, October 18, 2016

Commodity Watch: Crude oil dips as OPEC output soars

The Futures of Crude oil closed low in the domestic market on Monday as an increase in the number of rigs actively drilling for oil in the U.S. and soaring crude output from prime producers pushed prices in to low levels.

Ahead this week, the market will eye for the weekly U.S. crude inventories & production data to be released on Wednesday. China will also release its monthly crude production & throughput data on the same day.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3327 per barrel, downward by 0.36 per cent, after opening at Rs 3356, against a last close of Rs 3339. It touched the intra-day lower of Rs 3306.

Read More- Crude Oil Updates