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Crude oil dips as US oil production rises

Crude oil futures closed lower in the domestic market on Monday as a 10th straight weekly rise in the number of active U.S. oil rigs hinted at further gains in crude production.

Concerns about the impact of rebounding U.S. oil production are likely to limit oil’s ability to rise too quickly, even as the global supply/demand balance tightens.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3574 per barrel, down by 2.93 per cent, after opening at Rs 3665, against a previous close of Rs 3682. It touched the intra-day low of Rs 3564.

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