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Crude oil futures closed lower in the domestic market on Friday as support from recent global production cuts continued to face off against pressure from expectations of more growth in U.S. output. Weekly data released Friday showed a second-straight weekly rise in the number of U.S. rigs actively drilling for oil, contributing to concerns that increases in U.S. crude production will hurt efforts by other producers to curb output. At the MCX, crude oil futures for February 2016 contract closed at Rs 3609 per barrel, down by 0.55 per cent, after opening at Rs 3645, against a previous close of Rs 3629. It touched the intra-day low of Rs 3592.
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Crude oil futures closed lower in the domestic market on Friday as support from recent global production cuts continued to face off against pressure from expectations of more growth in U.S. output. Weekly data released Friday showed a second-straight weekly rise in the number of U.S. rigs actively drilling for oil, contributing to concerns that increases in U.S. crude production will hurt efforts by other producers to curb output. At the MCX, crude oil futures for February 2016 contract closed at Rs 3609 per barrel, down by 0.55 per cent, after opening at Rs 3645, against a previous close of Rs 3629. It touched the intra-day low of Rs 3592.
