Petroleum: Crude oil futures down by 1.03 % in Noon

Crude oil futures fall by more than 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as US dollar strengthened after US Fed’s interest rate hike verdict.

At the MCX, for December 2016 crude oil futures contract is trading at Rs 3,451 per barrel, downward by 1.03 per cent, after opening at Rs 3,482, against a last close of Rs 3,487. It touched the intra-day lower of Rs 3,447.

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Crude oil low as U.S. crude supplies drop in market

On Thursday Crude oil futures closed down in the domestic market after data showed an unexpected weekly drop in U.S. crude supplies & optimism surrounding the Organization of the Petroleum Exporting countries’ plan to limit output lifted prices in New York to their top level since mid-July of last year.

Numerous market spectators aren’t enthused by the deal, saying the group’s longstanding internal tensions will make it difficult for all members to be on board. Even if a deal is struck, it remains a question if the members would follow to the production quotas.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3395 per barrel, downward by 2.22 %, after opening at Rs 3463, against a last close of Rs 3472. It touched the intra-day low of Rs 3385.

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Today Crude Oil low on profit booking

Crude oil futures tanked 1 % during morning trade in the domestic market on Friday as investors & speculators resorted to profit taking in the energy commodity after stellar gains in the last session when the OPEC announced a cut in output for the first time in eight years.

The OPEC, a cartel which accounts for about 40 % of global crude supplies, at an informal meet in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day, easing worries over a global supply glut, and spurring an over 4.4 % rally in domestic crude futures on Thursday.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,172 per barrel, downward by 1 %, after opening at Rs 3,190, against a previous close of Rs 3,204. It touched the intra-day low of Rs 3,172.

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