Crude oil dips as expectations of production freeze fade
07/09/2016 08:52
Crude oil futures closed lower in the domestic market on Tuesday as hopes waned for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut. Saudi Arabia said on Tuesday it would go along with a freeze in oil output if other producers agreed, but cautioned that Iran could foil any attempt to limit output. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 2961 per barrel, down by 0.67 per cent, after opening at Rs. 2990, against the previous closing price of Rs. 2981. It touched the intra-day low of Rs. 2925.
