Crude oil futures closed lower in the
domestic market on Wednesday after U.S. government data showed a weekly
climb in crude inventories and a report from OPEC revealed record
production from Saudi Arabia in July.
The latest set of weekly figures from the Energy Information
Administrations revealed a build of 1.1m barrels in US commercial crude
inventories, against a forecast for a 1.75m-barrel fall from analysts
at S&P Global Platts.
At the MCX, Crude oil futures for August 2016 contract closed at Rs.
2812 per barrel, down by 1.75 per cent, after opening at Rs. 2860,
against the previous closing price of Rs. 2862. It touched the intra-day
low of Rs. 2798.
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