Crude oil futures closed lower in the domestic market on Tuesday as some market surveys revealed further increases in crude production last month from the Organization of the Petroleum Exporting Countries, despite an agreement to cut back output starting in January.
Traders and analysts will keep a close eye on export volumes in the New Year for evidence of the production cuts as the cartel has a checkered history for complying with quotas.
At the MCX, crude oil futures for December 2016 contract closed at Rs 3436 per barrel, down by 2.83 per cent, after opening at Rs 3530, against a previous close of Rs 3536. It touched the intra-day low of Rs 3411.
Traders and analysts will keep a close eye on export volumes in the New Year for evidence of the production cuts as the cartel has a checkered history for complying with quotas.
At the MCX, crude oil futures for December 2016 contract closed at Rs 3436 per barrel, down by 2.83 per cent, after opening at Rs 3530, against a previous close of Rs 3536. It touched the intra-day low of Rs 3411.
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