Crude Oil futures Edge Lower On Supply Concerns.

Crude oil futures were trading lower in the domestic market on Tuesday as investors and speculators stuck to a cautious approach amid rising concerns over US commercial inventory and doubts about the production freeze. 

 

The tone remained cautious ahead of a meeting between major oil producers next month in Doha with doubts emerging over an agreement on a plan to stabilize output as Iran remains adamant to continue pumping oil until production is back up towards pre-sanction levels.
 

At the MCX, Crude oil futures, for the April 2016 contract, were trading at Rs 2,621.00 per barrel, down by 0.46 per cent, after opening at 2,619.00, against the previous close price of Rs 2,633.00. It touched an intraday low of Rs 2,619.00.
 

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