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Crude oil dips on oversupply worries in the market

Crude oil dips on oversupply worries in the market

Crude oil futures closed lower in the domestic market on Monday as nagging worries about rising domestic production outweighed optimism about prospects for an extended agreement on output cuts by OPEC and other major producers.

Crude had come under fresh pressure last week as U.S. production showed further growth and gasoline supplies surprisingly increased.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3187 per barrel, down by 0.65 per cent, after opening at Rs 3220, against a previous close of Rs 3208. It touched the intra-day low of Rs 3176.

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