Crude Oil Dips On Rising Oil Rigs

Crude oil futures closed lower in the domestic market on Monday as recent data showing U.S. drillers added more oil rigs last week fed concerns over growing domestic crude production, despite OPEC’s decision to extend its output cuts to the end of next year.

The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018.

Oil prices were further pressured Monday by a rally in the dollar. A stronger buck tends to weigh on dollar-denominated commodities such as oil, because they become more expensive to buy for other currency holders.

At the MCX, crude oil futures for December 2017 contract closed at Rs 3712 per barrel, down by 1.33 per cent, after opening at Rs 3750, against a previous close of Rs 3762. It touched the intra-day low of Rs 3706.

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Suhani Verma

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