Crude oil dips on rising US crude output 05/05/2017

Crude oil dips on rising US crude output
05/05/2017

Crude oil futures closed lower in the domestic market on Thursday with expectations for a recovery in Libyan crude production and rising U.S. output sending prices back to levels they hadn’t seen since before the OPEC output cut deal in November.OPEC is set to decide whether to extend the pact into the second half of the year, when it meets on May 25 in Vienna.At the MCX, crude oil futures for May 2016 contract closed at Rs 2931 per barrel, down by 4.43 per cent, after opening at Rs 3079, against a previous close of Rs 3067. It touched the intra-day low of Rs 2924.

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