Crude oil futures traded lower on MCX after hitting their highest levels overseas. Although traders have been warning of the risks of a downward price correction since the start of the year, they point out that the overall market conditions remain strong, largely due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
The contract for January delivery was trading at Rs 4034.00, down by 1.61% or Rs 66.00 from its previous closing of Rs 4100.00. The open interest of the contract stood at 23325 lots.
The contract for February delivery was trading at Rs 4036.00, down by 1.51% or Rs 62.00 from its previous closing of Rs 4098.00. The open interest of the contract stood at 4246 lots on MCX.