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Crude oil dips on growing US Crude production

Crude oil futures closed lower in the domestic market on Monday as concerns over growing U.S. crude production sent prices down for their first time in four sessions.

The concerns offset support from a monthly report from the Organization of the Petroleum Exporting Countries, which confirmed that the group’s members are largely complying with an agreement to slash crude output.

At the MCX, crude oil futures for February 2016 contract closed at Rs 3546 per barrel, down by 1.75 per cent, after opening at Rs 3610, against a previous close of Rs 3609. It touched the intra-day low of Rs 3537.

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