Crude oil dips on rise in U.S. shale production
15/11/2017 07:43
Crude oil futures closed lower in the domestic market on Tuesday after the International Energy Agency cut its global crude-demand forecasts and warned of a boom in U.S. shale-oil production.

Fresh insight on the state of the oil market came from the IEA, which in its monthly report cut its crude-demand outlook by 100,000 barrels a day for 2017 and 2018. Releasing its World Energy Outlook report at the same time, the IEA said the U.S. is on track to become the leader in oil and gas production by 2025, due to an unprecedented boom in U.S. shale crude production that would continue weighing on near-term prices.

At the MCX, crude oil futures for November 2017 contract closed at Rs 3642 per barrel, down by 2.10 per cent, after opening at Rs 3710, against a previous close of Rs 3720. It touched the intra-day low of Rs 3613.