Crude oil futures closed lower in the domestic market on Monday as an increase in the number of rigs actively drilling for oil in the U.S. and rising crude output from major producers pushed prices in to lower levels.
Ahead this week, the market will watch for the weekly U.S. crude inventories and production data to be released on Wednesday. China will also release its monthly crude production and throughput data on the same day.
At the MCX, crude oil futures for October 2016 contract closed at Rs 3327 per barrel, down by 0.36 per cent, after opening at Rs 3356, against a previous close of Rs 3339. It touched the intra-day low of Rs 3306.
Ahead this week, the market will watch for the weekly U.S. crude inventories and production data to be released on Wednesday. China will also release its monthly crude production and throughput data on the same day.
At the MCX, crude oil futures for October 2016 contract closed at Rs 3327 per barrel, down by 0.36 per cent, after opening at Rs 3356, against a previous close of Rs 3339. It touched the intra-day low of Rs 3306.
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