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Crude oil futures trade tad lower on MCX

Crude oil futures traded marginally lower on MCX as speculators trimmed their positions. Meanwhile, oil prices moved little on overseas markets, supported by supply cuts by producer group OPEC and US sanctions against oil exporters Iran and Venezuela, but pressured by expectations that an economic slowdown could soon dent fuel consumption. The International Monetary Fund (IMF) warned on Tuesday that the global economy was slowing more than expected and that a sharp downturn may be looming.

The contract for April delivery was trading at Rs 4449.00, down by 0.04% or Rs 2.00 from its previous closing of Rs 4451.00. The open interest of the contract stood at 23977 lots.

The contract for May delivery was trading at Rs 4465.00, down by 0.02% or Rs 1.00 from its previous closing of Rs 4466.00. The open interest of the contract stood at 2338 lots on MCX.

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