Crude oil futures closed lower in the domestic market on Wednesday after U.S. data revealed that crude stockpiles jumped by more than 14 million barrels—the largest weekly climb on record.
In September, OPEC reached a preliminary agreement to cut production, possibly by 200,000 to 700,000 barrels a day. The goal was to pump up prices by removing some unwanted barrels from the market, but OPEC said it wouldn’t complete details of the plan until the official Nov. 30 meeting.
At the MCX, crude oil futures for November 2016 contract closed at Rs 3027 per barrel, down by 2.51 per cent, after opening at Rs 3100, against a previous close of Rs 3105. It touched the intra-day low of Rs 3008.
In September, OPEC reached a preliminary agreement to cut production, possibly by 200,000 to 700,000 barrels a day. The goal was to pump up prices by removing some unwanted barrels from the market, but OPEC said it wouldn’t complete details of the plan until the official Nov. 30 meeting.
At the MCX, crude oil futures for November 2016 contract closed at Rs 3027 per barrel, down by 2.51 per cent, after opening at Rs 3100, against a previous close of Rs 3105. It touched the intra-day low of Rs 3008.
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