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Crude oil futures edge lower on weak cues overseas

06 Mar 2020 Evaluate

Crude oil futures edged lower on MCX as participants trimmed their positions in line with weak trend overseas, despite reports that OPEC ministers decided to cut oil output by 1.5 million barrels per day to deal with the effects of the spreading corona virus outbreak on demand. The cut is reportedly to be conditional on approval from Russia.

The contract for March delivery was trading at Rs 3371.00, down by 1.75% or Rs 60.00 from its previous closing of Rs 3431.00. The open interest of the contract stood at 26861 lots.

The contract for April delivery was trading at Rs 3404.00, down by 1.7% or Rs 59.00 from its previous closing of Rs 3463.00. The open interest of the contract stood at 2392 lots on MCX.

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