Crude oil futures closed lower in the domestic market on Wednesday after a U.S. government report revealed a bigger-than-expected weekly increase in crude inventories. Domestic production, meanwhile, showed a decline and with some in the market holding out hopes that major oil producers will take action to stabilize the market, oil prices managed to keep a sizable gain for the month.
At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3002 per barrel, down by 3.94 per cent, after opening at Rs. 3129, against the previous closing price of Rs. 3125. It touched the intra-day low of Rs. 2996.