Crude Oil Dips Down On The Rising of Economic Concerns

Crude oil futures dipped by around 1.33 per cent in the evening session on domestic market on Monday weighed down by Asia’s darkening economic prospects and a related strengthening in the U.S. dollar, which made fuel imports for countries using other currencies more expensive.

Also, crude oil inventories declined by 3.2 million barrels last week to 532.5 million. Market analysts’ expected a crude-stock decline of 2.8 million barrels.

At the MCX, Crude oil futures for June 2016 contract were trading at Rs. 3,254 per barrel, down by 1.33 per cent, after opening at Rs. 3,290, against the previous closing price of Rs. 3,298. It touched the intra-day low of Rs. 3,244.

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