Crude oil dips on rising US crude supply 14/03/2018

Crude oil dips on rising US crude supply
14/03/2018


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Crude oil dips on rising US crude supply
14/03/2018 07:43
Crude oil futures closed lower in the domestic market on Tuesday as traders braced for a potential third weekly rise in U.S. crude supplies. Prices gave up earlier gains seen in the wake of risks to the Iran nuclear deal from U.S. President Donald Trump’s ouster of Secretary of State Rex Tillerson. The report followed data from the EIA last week, which showed an increase of 86,000 barrels a day in total U.S. crude output for the week ending March 2. At the MCX, crude oil futures for March 2018 contract closed at Rs 3914 per barrel, down by 1.58 per cent, after opening at Rs 3979, against a previous close of Rs 3977. It touched the intra-day low of Rs 3906.