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Crude Oil Updates for 14 Sept 2016

Crude Oil Updates for 14 Sept 2016

Crude oil futures were trading lower in the domestic market on Wednesday as investors & speculators closed positions in the energy commodity as the International Energy Agency (IEA) downgraded its crude oil demand predictions & warned that supply will continue to outpace desired well into 2017.

The IEA in its closely watched monthly report downgraded its global oil desired forecast by about 100,000 barrels a day for this year to growth of 1.3 million barrels a day, & cut its forecast for 2017 by 200,000 barrels to growth of 1.2 million barrels a day.

At the MCX, crude oil futures for September 2016 contract is trading @  Rs 3,026/barrel, downward by 0.23 %, after opening at Rs 3,033, against a last ending of Rs 3,033. It touched the intra-day low of Rs 3,026.

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