Crude oil futures closed lower in the domestic market on Wednesday pressured by the possibility that the Organization of the Petroleum Exporting Countries’ plan to curb output will fail after Iraq signaled unwillingness to take part in the proposed deal.
Iraq, the second biggest producer in OPEC after Saudi Arabia, over the weekend said it should be exempt from any deal to scale back production as it needs the oil revenue to fund its continuing war against Islamic State militants.
At the MCX, crude oil futures for November 2016 contract closed at Rs 3296 per barrel, down by 1.73 per cent, after opening at Rs 3345, against a previous close of Rs 3354. It touched the intra-day low of Rs 3278.
Iraq, the second biggest producer in OPEC after Saudi Arabia, over the weekend said it should be exempt from any deal to scale back production as it needs the oil revenue to fund its continuing war against Islamic State militants.
At the MCX, crude oil futures for November 2016 contract closed at Rs 3296 per barrel, down by 1.73 per cent, after opening at Rs 3345, against a previous close of Rs 3354. It touched the intra-day low of Rs 3278.
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