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Crude Oil Updates for 1 Sept 2016

Crude Oil Updates for 1 Sept 2016

Crude oil futures ended lower in the domestic market on Wednesday after a U.S. government report revealed a bigger-than-expected weekly increase in crude inventories. Domestic production, meanwhile, showed decrease & with some in the market holding out hopes that major oil producers will take action to stabilize the market, oil prices managed to keep a sizable gain for the month.

At the MCX, Crude oil futures for September 2016 contract ended at Rs. 3002/barrel, downward by 3.94 %, after opening at Rs. 3129, against the last ending price of Rs. 3125. It touched the intra-day low of Rs. 2996.

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