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18-Sep2018

Crude oil futures trade tad lower on trade war concerns

Crude oil futures traded marginally lower on MCX, as speculators cut bets amid concerns over the latest escalation in the US-China trade war, which clouded the demand outlook. US President Donald Trump on Monday said he would impose 10 percent US tariffs on about $200 billion worth of Chinese imports. Trump also said in the statement that if China plans to retaliate, 'we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports'. Further, the EIA reported that oil output from seven major US shale formations is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, too weighed on crude oil prices. However, potential supply cuts from US sanctions on Iran, capped some losses.

The contract for September delivery was trading at Rs 4970.00, down by 0.5% or Rs 25.00 from its previous closing of Rs 4995.00. The open interest of the contract stood at 10886 lots.

The contract for October delivery was trading at Rs 4976.00, down by 0.52% or Rs 26.00 from its previous closing of Rs 5002.00. The open interest of the contract stood at 4336 lots on MCX. 


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