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  • Pre Session Commentary - Detailed News

Energy Preview: MCX Crude To Eye Movement In INR
01-Mar-19   09:59 Hrs IST
Crude oil futures stayed supported on good buying and continued supply worries. Media reports noted that OPEC has indicated it will continue to withhold supply despite pressure from US President Donald Trump this week to stop artificially tightening markets. This pushed up the WTI Crude oil futures after prices retreated from three month highs and the counter currently trades at $57.40 per barrel, up 0.30% on the day. MCX Crude oil futures closed at Rs 4060 per barrel, down by around 0.60% on the day as the Indian Rupee witnessed strong gains after breaking under 71 per US dollar mark.Meanwhile, India's Crude oil production during January, 2019 was 2847.66TMT which is 11.85% lower than target and 4.33% lower when compared with January, 2018. Cumulative crude oil production during April-January, 2018-19 was 28785.26 TMT which is 6.46% and 3.76% lower than the cumulative target and production respectively during the corresponding period of last year.

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