Crude oil prices fell by 1.38 per cent on Tuesday as a bearish drumbeat of oversupply weighs on sentiment. Traders responded to a bearish note from BNP Paribas on the increased likelihood that oil could retest yearly lows amid signals of mounting stockpiles worldwide. At the MCX, crude oil futures for April 2016 contract were trading at Rs. 2,367 per barrel, down by 1.38 per cent, after opening at Rs. 2,380 against the previous closing price of Rs. 2,400. It touched the intra-day low of Rs. 2,360 till the trading.
Prices also fell after Saudi Arabia crown prince Mohammed Bin Salman asserted that the kingdom will resist any agreement to cap its output unless the pact is also signed by their Iranian rivals. Previously, Saudi Arabia, Russia and two other OPEC members were expected to freeze production at their respective January levels when the nations meet at a closely-watched meeting on April 17 in Doha.
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