Crude oil futures traded marginally lower on MCX, pulled down by expectations that OPEC members could step up production in the face of worries over supply from both Venezuela and Iran. Further, a surprise increase in US weekly crude stockpiles also weighed on crude oil prices. Data released by the US Energy Information Administration showed US crude stocks rose 5.78 million barrels to 438.13 million barrels for the week ended May 18.
The contract for June delivery was trading at Rs 4899.00, down by 0.28% or Rs 14.00 from its previous closing of Rs 4913.00. The open interest of the contract stood at 21969 lots.
The contract for July delivery was trading at Rs 4906.00, down by 0.26% or Rs 13.00 from its previous closing of Rs 4919.00. The open interest of the contract stood at 885 lots on MCX.