Crude oil futures closed lower in the domestic market on Tuesday as concerns over the potential for a significant climb in U.S. crude output and some strength in the U.S. dollar helped prices erase last week’s gain.
Traders also awaited weekly data on U.S. petroleum supplies, with most analysts forecasting an increase in crude inventories after gains in each of the past four weeks.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3502 per barrel, down by 2.15 per cent, after opening at Rs 3586, against a previous close of Rs 3579. It touched the intra-day low of Rs 3495.
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Traders also awaited weekly data on U.S. petroleum supplies, with most analysts forecasting an increase in crude inventories after gains in each of the past four weeks.
At the MCX, crude oil futures for February 2016 contract closed at Rs 3502 per barrel, down by 2.15 per cent, after opening at Rs 3586, against a previous close of Rs 3579. It touched the intra-day low of Rs 3495.
Read More - Crude Oil Updates
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