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19-Feb2019

Crude oil futures decline on demand concerns

Crude oil futures declined on MCX as speculators reduced their bets, tracking weak international oil market on caution that economic growth may dent fuel demand this year. Though, global oil markets remain relatively tight because of supply cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), with top crude exporter Saudi Arabia cutting the most, capped some losses.

The contract for February delivery was trading at Rs 3986.00, down by 0.62% or Rs 25.00 from its previous closing of Rs 4011.00. The open interest of the contract stood at 10227 lots.

The contract for March delivery was trading at Rs 4036.00, down by 0.35% or Rs 14.00 from its previous closing of Rs 4050.00. The open interest of the contract stood at 5170 lots on MCX.


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