Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data showed a weekly climb in crude inventories and a report from OPEC revealed record production from Saudi Arabia in July.
The latest set of weekly figures from the Energy Information Administration�s revealed a build of 1.1m barrels in US commercial crude inventories, against a forecast for a 1.75m-barrel fall from analysts.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2812 per barrel, down by 1.75 per cent, after opening at Rs. 2860, against the previous closing price of Rs. 2862. It touched the intra-day low of Rs. 2798.
The latest set of weekly figures from the Energy Information Administration�s revealed a build of 1.1m barrels in US commercial crude inventories, against a forecast for a 1.75m-barrel fall from analysts.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2812 per barrel, down by 1.75 per cent, after opening at Rs. 2860, against the previous closing price of Rs. 2862. It touched the intra-day low of Rs. 2798.
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