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Weekly Crude Oil Review: Prices Near Seven Month Low
24-Jun-2017 (15:59)

WTI oil prices fell to fresh seven-month lows in third week of June 2017, with investors remaining dubious about how effective the production cuts spearheaded by Saudi Arabia and Russia have been and will be. Latest data from Baker Hughes stated that the US rig count rose near 750, the most since April 2015. This is likely to ensure that all efforts put up by OPEC nations is curbing global oil supplies do not lead to any major spike in the prices. The prices have been under severe stress for last few weeks now. WTI Crude is quoting just above $43 per barrel. MCX Crude oil futures also fell near Rs 2800 per barrel mark.

Large speculators sharply cut their bullish net positions in the WTI Crude Oil futures markets this week following gains in the previous four weeks, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totalled a net position of 358,999 contracts in the data reported through June 13th. This was a weekly reduction of -23,470 contracts from the previous week which had a total of 382,469 net contracts.

Meanwhile, India's Crude oil production during May, 2017 was 3099.48 TMT which is 0.35% lower than target but 0.73% higher when compared with May 2016.Cumulative crude oil production during April-May, 2017 was 6038.33 TMT which is 1.16% lower than target for the period but 0.07% higher than production during corresponding period of last year.

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