Crude oil prices fell by 1.56 per cent on Wednesday after after Kuwaiti oil workers ended a three-day strike that had cut production from the Middle Eastern country. Kuwaiti oil and gas workers ended a three-day strike that had temporarily cut the OPEC member's crude production by nearly half, the trade union said in a statement. Kuwait Oil Company was forced to cut output to as little as 1.1 million barrels per day (bpd) from a normal level of about 3 million bpd. By Tuesday, output had recovered to around 1.5 million bpd. At the MCX, crude oil futures for April 2016 contract were trading at Rs. 2,770 per barrel, down by 1.56 per cent, after opening at Rs. 2,804 against the previous closing price of Rs. 2,814. It touched the intra-day low of Rs. 2,757 till the trading.
Adding to the bearish tone, data from industry group American Petroleum Institute (API) also showed US crude stocks rose more than anticipated last week. Crude inventories rose by 3.1 million barrels in the week to April 15 to 539.5 million, compared with analysts' expectations for a rise of 2.4 million barrels.
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