Crude oil futures in reverse gear

Crude oil futures fell during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity as doubts over supply cuts to curb global glut lingered. However, a small supply cut by the world's top oil exporter Saudi Arabia, restricted further fall in crude prices at futures trade. 

 

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At the MCX, crude oil futures for January 2017 contract is trading at Rs 3561 per barrel, down by 0.78 per cent, after opening at Rs 3565, against a previous close of Rs 3589. It touched the intra-day low of Rs 3553.

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