Crude oil dips on higher crude production prospects
23/08/2016 08:44
Crude oil futures closed lower in the domestic market on Monday as investors cashed in on a seven-session streak of gains, pressured by expectations of higher global crude production. Bets that major oil producers will agree to stabilize oil output at a meeting late next month fed a rally last week, but expectations for an agreement have faded and the market is eyeing the potential for higher production from Iraq and Nigeria. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3216 per barrel, down by 2.31 per cent, after opening at Rs. 3295, against the previous closing price of Rs. 3292. It touched the intra-day low of Rs. 3203
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