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Crude oil Dips on rising US oil rig count on Friday

Crude oil Dips on rising US oil rig count on Friday

Crude oil futures closed lower in the domestic market on Friday as the number of active U.S. rigs drilling for oil climbed by 9 to 712 rigs this week. The oil-rig count has climbed every week so far this year, except for one. The latest data showed a 17th weekly rise in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, rose 8 to 885.

At the MCX, crude oil futures for May 2016 contract closed at Rs 3062 per barrel, down by 0.87 per cent, after opening at Rs 3082, against a previous close of Rs 3089. It touched the intra-day low of Rs 3054.

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