Crude oil prices sank more than 4 per cent during early morning trade on Monday as major oil producing nations failed to reach an agreement on capping oil output to ease a supply glut. Saudi Arabia, the world's biggest crude exporter demanded output cut commitments from other major producers such as Iran, without which it would refrain from limiting production. Iran, meanwhile, has ruled out the prospect of a production freeze as it aims to bolster production to pre sanction levels. Split in opinion of the Organization of the Petroleum Exporting Countries (OPEC) coupled with worries over slowing demand in China and rising US shale gas production also led to a drop in prices. At the MCX, crude oil futures, for April 2016 contract were trading at Rs. 2,570 per barrel, down by 4.74 per cent, after opening at Rs. 2,675 against the previous closing price of Rs. 2,698. It touched the intra-day low of Rs. 2,563 till the trading.
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