Crude oil futures tumbled in the domestic market on Thursday ahead of data which may show a sixth straight weekly rise in US crude oil stockpiles to the highest level in at least three decades, threatening to exasperate a global supply glut.
US crude oil stockpiles likely climbed by 3 million barrels to 420.9 million barrels in the week ended February 13, 2015, the EIA may say on Thursday. Further, a report suggested that Saudi Arabia, the OPEC’s biggest oil producer is boosting output to maintain market share even as prices fall.
At the MCX, Crude oil futures, for the February 2015 contract, is trading at Rs 3,119 per barrel, down by 3.88 per cent, after opening at Rs 3,214, against the previous close price of Rs 3,245. It touched an intraday low of Rs 3,098 till the closing.
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