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06-May2019

Crude oil futures trade lower on weak trend overseas

Crude oil futures traded lower on MCX, as speculators reduced their bets tracking weakness in overseas markets after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies. Crude oil prices also plunged overseas on signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd.

The contract for May delivery was trading at Rs 4206.00, down by 2.35% or Rs 101.00 from its previous closing of Rs 4307.00. The open interest of the contract stood at 18882 lots.

The contract for June delivery was trading at Rs 4230.00, down by 2.29% or Rs 99.00 from its previous closing of Rs 4329.00. The open interest of the contract stood at 725 lots on MCX.


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