Published on 20/03/2017 2:33:45 PM | Source: Dion Global Solutions Ltd.

Crude oil futures in reverse gear on rise in US oil rigs

Crude oil futures were trading lower during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the energy commodity on rising US drilling activity, as drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631. Besides, firm supplies from OPEC countries despite its pledge to cut output by almost 1.8 mbpd together with some other producers like Russia, too influenced crude oil prices.

At the MCX, crude oil futures for March 2017 contract is trading at Rs 3166 per barrel, down by 0.94 per cent, after opening at Rs 3180, against a previous close of Rs 3196. It touched the intra-day low of Rs 3157 (at 12:49 hours).