Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data revealed the first weekly climb in domestic-crude inventories in 10 weeks, along with a surprise increase in gasoline stockpiles and a rise in total crude production.
The worry is that the swelling glut of gasoline will prompt refiners to buy less crude oil going forward, causing the global glut of crude to linger longer and put prices under pressure.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2835 per barrel, down by 2.34 per cent, after opening at Rs. 2916, against the previous closing price of Rs. 2903. It touched the intra-day low of Rs. 2821.
The worry is that the swelling glut of gasoline will prompt refiners to buy less crude oil going forward, causing the global glut of crude to linger longer and put prices under pressure.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2835 per barrel, down by 2.34 per cent, after opening at Rs. 2916, against the previous closing price of Rs. 2903. It touched the intra-day low of Rs. 2821.
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