Crude oil futures slump on renewed glut worries

Crude oil futures slump on renewed glut worries
23/08/2016 13:59

Crude oil futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants exited positions in the energy commodity amid worries over higher global crude production, exacerbating fears over a supply glut.
Moreover, optimism over an agreement between major oil producers to freeze output at a meeting in September waned while the market is sweating on higher potential production from Iraq and Nigeria.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3156 per barrel, down by 1.74 per cent, after opening at Rs 3,201, against a previous close of Rs 3,212. It touched the intra-day low of Rs 3,151 (at 13:55 hours).