Crude oil futures closed lower in the domestic market on Friday dropping to within reach of first support. Over the near term, however, given the extent of the recent gains and resulting overbought condition, a period of correction or least consolidation could develop in next week’s trading. 

                    Oil prices had surged in the week after OPEC agreed on its first production cut since 2008, aimed at reining in massive oversupply that has seen prices more than halve since mid-2014. 

 At the MCX, crude oil futures for December 2016 contract closed at Rs 3501 per barrel, down by 0.74%, after opening at Rs 3498, against a previous close of Rs 3527. It touched the intra-day low of Rs 3435. 

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